Question: I am having a problem understanding how to get FIFO and LIFO? I have this problem I can not figure out. he management of Kirchner

I am having a problem understanding how to get FIFO and LIFO? I have this problem I can not figure out. he management of Kirchner Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2010 the accounting records show these data. Inventory, January 1 (10,000 units) $35,000 Cost of 120,000 units purchased 471,000 Selling price of 95,000 units sold 730,000 Operating expenses 120,000 Units purchased consisted of 35,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 25,000 units at $4.30 on November 20. Income taxes are 28%

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