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1. Describe, compare, and contrast the three inventory methods of FIFO, LIFO, and average cost. 2. Apply the three inventory cost flow assumptions and describe how they impact the income statement and balance sheet. 2. Apply the three inventory cost flow assumptions and describe how they impact the income statement and balance sheet..

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1. Describe, compare, and contrast the three inventory methods of FIFO, LIFO, and average cost. 2. Apply the three inventory cost flow assumptions and describe how they impact the income statement and balance sheet. 2. Apply the three inventory cost flow assumptions and describe how they impact the income statement and balance sheet.

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