1. Explain how LIFO, FIFO, and Weighted average inventory systems will have different affects on a firm's income statement and balance sheet. If a firm was concerned about reducing their tax burden, which inventory system would best benefit them? Assume costs have been steadily rising over time. 2. Think about a company you're familiar with that carries inventory. What do you find interesting about their inventory? If you had to guess, what inventory method do you think the company uses