With inflation what are the implications of using lifo and fifo inventory?:( :confused:

With inflation what are the implications of using lifo and fifo inventory?:( :confused:
Last in, first out would produce a lower operating income because the most current price paid for inventory would be higher, and first in first out would produce a higher operating income because the cost of goods sold would be lower. Lower of cost or market would be cost, if all the raw materials cost more to replace than the price paid