Question: [1] Between FIFO and LIFO, which method assigns a more recent cost to COGS in the Income Statement? [2] Between FIFO and LIFO, which method

[1] Between FIFO and LIFO, which method assigns a more recent cost to COGS in the Income Statement?

[2] Between FIFO and LIFO, which method assigns a more recent cost to Ending Inventory in the Balance Sheet?

[3] With the findings in the questions [1] and [2], can you explain the rationale of why IFRS prohibits LIFO?

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