a.Discuss the differences between the FIFO (first-in-first-out)and LIFO (last-in-first-out)methods of costing inventory.
b.Explain how retailers can reduce their profits by switching to LIFO.

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The Answer of a.Discuss the differences between the FIFO (first-in-first-out)and LIFO (last-in-first-out)methods of costing inventory.
b.Explain how retailers can reduce their profits by switching to LIFO.

ADiscuss the Differences Between the FIFO (First-In-First-Out)and LIFO (Last-In-First-Out)methods of Costing