Question: Select whether the FIFO or LIFO inventory costing method normally produces each of the following effects under the listed circumstances. begin{tabular}{|l|l|} hline a. Declining costs

Select whether the FIFO or LIFO inventory costing method normally produces each of the following effects under the listed circumstances.

\begin{tabular}{|l|l|} \hline a. Declining costs & \\ \hline Highest net income & \\ \hline Highest inventory & \\ \hline b. Rising costs & \\ \hline Highest net income & \\ \hline Highest inventory & \\ \hline \end{tabular}

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