Select all that apply: Assuming purchase costs are declining and a periodic inventory system is used, determine the statements below which correctly describe what is happening to cost of goods sold under FIFO, LIFO and weighted average cost flow methods. (Check all that apply.) 1. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold. 2. Companies using FIFO will report the highest gross profit and net income. 3. Companies using LIFO will report the highest ending inventory on their balance sheets, as compared to companies using FIFO or weighted average. 4. Companies using LIFO will pay higher taxes than companies using FIFO, assuming all else being equal. 5. Companies using FIFO will report the smallest cost of goods sold compared to companie Pusing LIFO or weighted average. 6. Companies using LIFO will report the smallest cost of goods sold.

Assuming purchase costs are decining and a periode inventory system is used, determine the statements below which correcthr describe what is happening to cost of goods sold undet FFO; LiFO and welghted average cost fow methods. (Check all that apply) Weighied averope cost of goods sold wa be between FIFO and LFO costs of goods sold