Mastery Problem: Inventories Changing Prices You work for a CPA firm that has been hired by Widget Tek Inc., a merchandising company that is getting ready to expand. The president of Widget Tek Inc. is concerned with obtaining a loan for the expansion and wants to be sure that all the financial statements accurately reflect the company's accounting records As preparation for this assignment, you have been asked to review the effects of changing prices on three inventory costing methods: LIFO, FIFO, and weighted average. Identify the scenarios and inventory methods that result in the highest and lowest values for each item listed. Enter "Highest", "Lowest", if not affected select "No effect". LIFO, when prices are rising FIFO, when prices are falling Cost of Goods Sold Ending Inventory Net Income Weighted average, when prices are rising LIFO, whe Chapter 6 Quiz assignment take frame FIFO, wheh prices are rising Weighted average, when prices are falling i Inventory Records Widget Tek Inc.'s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widget Tek Inc.'s main product for March. Inventory Date Quantity Unit Cost Total Cost Mar 1 850 $98 $83,300