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.
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