please help answer this question, thank you.

Discussion Board Week 2 Question - Why choose LIFO? DD Studies have found that most companies have adopted LIFO inventory costing. Consider this: assuming a period of increasing prices, using FIFO would charge lower cost inventory to Cost of Goods Sold - which means reporting a higher profit - while keeping the higher cost (newer) items on the Balance Sheet as inventory. So, with FIFO I would show higher profit on the Income Statement, and greater Assets on the Balance Sheet. Why would any company choose LIFO instead of FIFO? Week 2 - Sept 13 - 19 -90526.202009 Explain (in two or three sentences) why a company might choose LIFO. Leave a comment by 09/19/20. After 09/19/20, come back and review the posts and comment in a positive manner!) on TWO of your classmates posts. Leave your followup comments by 09/26/20. You are reminded to observe the rules of Netiquette