Question: 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

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. (Response does not need to be super in depth, just a brief explanation)

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