If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income?

The answer is LIFO

Explanation:

LIFO is Last in First out. It means the Inventory that was purchased last goes out first.

In periods LIFO, cost of sales reflects the cost of goods purchased recently and the ending Inventory reflects the older goods.

In periods of falling prices, the costs of ending inventory are high, cost of sales are low and the gross profit are high.

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.