Does net income using weighted average fall between that using FIFO and LIFO?

Yes, net income using the weighted average method typically falls between that calculated using FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) methods. This is because FIFO usually results in higher net income during periods of rising prices, as older, cheaper costs are matched against current revenues, while LIFO results in lower net income as newer, higher costs are used. The weighted average method smooths out price fluctuations, leading to a net income that is generally in between the two extremes.