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.