Reference no: EM13744751
For each of the following situations, fill in the blank with FIFO, LIFO, or weighted average:
A)___ would produce the heighest amount of net income in an inflationary environment.
B)___ would produce the highest amount of assets in an inflationary environment.
C)____ would produce the lowest amount of net income in a deflationary environment.
D)____ would produce the same unit cost for assets and cost of goods sold in an inflationary environment.
E) ____ would produce the lowest amount of net income in an inflationary environment.
F)____ would produce an asset value that was the same regardless of whether the environments was inflationary or deflationary.
G)_____ would produce the lowest amount of assets in an inflationary environment.
H)____ would produce the highest amount of assets in a deflationary environment.
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