Answer the following two questions assuming that inventory costs are increasing over time (i.e., assume a period of inflation). Answer choices may be used once, more than once, or not at all. Match the options to the questions below.Question options:1. LIFO 2. FIFO 3. Weighted average a) Which inventory costing method will show the highest net income? b) Which inventory costing method will show the smallest amount of ending inventory? AnswerAnswer the following two questions assuming that inventory costs are increasingover time (i.e., assume a period of inflation). Answer choices may be used once,more than once, or not at…
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