Differentiate LIFO and FIFO.

LIFO (Last-In, First-Out) and FIFO (First-In, First-Out) are two commonly used inventory valuation methods. They differ in how they assign costs to inventory and calculate the cost of goods sold (COGS): LIFO: Under the LIFO method, it is assumed that the most recently purchased or produced inventory is sold first, and the cost of goods…...

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