Does lifo or fifo give the best-most current-balance sheet, Accounting Basics

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Does lifo or fifo give the best-most current-balance sheet

1. Ifinventory costs are rising, which method (FIFO, LIFO, or weighted average cost) re sults in the highest net income? Explain your answer.

2. Ifinventory costs are rising, which method (FIFO, LIFO, or weighted average cost) re sults in the lowest net income? Explain your answer.

3. Does LIFO or FIFO give the best-most current-balance sheet value for the ending inventory? Why?

4. How do taxes affect the choice between LIFO and FIFO?

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Accounting Basics: Does lifo or fifo give the best-most current-balance sheet

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