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Never results in either the highest or lowest possible net income Rarely used with a perpetual inventory system Cost of the latest purchases are assigned to ending inventory Widely used for tax purposes Does not follow the physical flow of goods in most cases Prohibited under International Financial Reporting Standards (IFRS) Produces the highest gross profit when costs are decreasing Produces results that are similar to the specific identification method Assigns the same value to all inventory units Produces the same cost of merchandise sold under both the periodic and the perpetual inventory systems Produces the highest ending inventory when costs are increasing LIFO Weighted average FIFO