agulani

I like to draw two little barrels. One with an arrow going into the top, then coming back out of the top (LIFO) and the second with an arrow coming into the bottom and going out the top (FIFO).
Then I can see, if prices are rising (the pieces going into the barrel are getting bigger) how full the barrel is getting (Inv). And how big the pieces coming out (COGS) are.
Because, in this normal situation of raising prices, the barrel gets fuller under FIFO, I know that FIFO would, normally be bigger than LIFO, so FIFO = LIFO Inv + LIFO Reserve.
I have gotten blazingly quick at sorting this out.