assuming purchase costs are rising in a periodic inventory system, determine which of the statements below are correct regarding the cost of goods sold under fifo, lifo and weighted average cost flow methods. (check all that apply.Companies using LIFO will report the highest ending inventory on their balance sheets, as compared to companies using FIFO or weighted average. Companies using LIFO will report the lowest cost of goods sold. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.