Multiple Select Question

Select all that apply

Select the statements that are true about the effects of the cost flow assumptions on the financial statements when merchandise inventory prices are increasing. $($Check all that apply$)$

Weighted average will produce higher ending inventory

Weighted average will produce the higher cost of goods sold.

FIFO will produce higher ending inventory

FIFO will produce the lower cost of goods sold.

Specific identification will produce the higher cost of goods sold