Question: The chart below lists financial statement items that may be affected by the use of either the FIFO or LIFO inventory costing methods. Required: Assuming

The chart below lists financial statement items that may be affected by the use of either the FIFO or LIFO inventory costing methods.

Required:
Assuming that prices are rising, complete the chart by indicating whether the specified item is (a) higher or (b) lower under FIFO and LIFO.

FIFO LIFO Ending inventory Cost of goods sold Gross margin Income before taxes Payments for income taxes Net income

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