Health Care Accounting 2.1

Review the last-in, first-out (LIFO) and first-in, first-out (FIFO) inventory methods discussed in Ch. 6, “Reporting and Analyzing Inventory” of Accounting. 
Respond to the following in a minimum of 175 words:

  • Explain LIFO and FIFO inventory methods.
  • Provide 1 example of a business that uses LIFO and 1 example of a business that uses FIFO.
  • Explain why the businesses you identified might use a particular inventory method.