Question: In 2011, Steel Technologies Inc. changed from the LIFO to the FIFO method for its inventory costing. Steel Technologies annual report indicated that this change

In 2011, Steel Technologies Inc. changed from the LIFO to the FIFO method for its inventory costing. Steel Technologies’ annual report indicated that this change had been instituted because the price at which the firm purchased steel was highly volatile.
Required:
Explain how FIFO cost of goods sold and ending inventory would be different from LIFO when prices are volatile.

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