manasib

Correct me if I'm wrong, but it doesn't matter if the selling price of the final product increases or decreases. The question at hand is whether LIFO decreases income taxes COMPARED to FIFO in a COGS inflationary environment. Therefore, no matter whether the final product selling price is going up, down, or staying the same, as long as it is standardized between FIFO and LIFO, LIFO will always create lower income taxes in a COGS inflationary environment. Correct?