Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle

Financial Statement Element:
LIFO
FIFO
Weighted-
Average
Cost of Goods Sold
Net Income
Ending Merchandise Inventory

What will be an ideal response

Financial Statement Element:
LIFO
FIFO
Weighted-
Average
Cost of Goods Sold Lowest Highest Middle
Net Income Highest Lowest Middle
Ending Merchandise Inventory Highest Lowest Middle