Question: Describe the first-in first-out (FIFO) inventory cost method . Explain and provide examples of real-life inventory that would be used for the first-in first-out (FIFO)

Describe the first-in first-out (FIFO) inventory cost method. Explain and provide examples of real-life inventory that would be used for the first-in first-out (FIFO) inventory cost method. When prices are rising, explain how Ending Inventory amounts and Net Income for a company would be affected (higher or lower) for the FIFO cost method.

use your own words please

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