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Determine the cost of goods manufactured (COGM) using the LIFO (Last-In-First-Out) costing method, with the following data: beginning work in process inventory of $90,000, direct

Determine the cost of goods manufactured (COGM) using the LIFO (Last-In-First-Out) costing method, with the following data: beginning work in process inventory of $90,000, direct materials used of $130,000, direct labor of $120,000, manufacturing overhead of $70,000, and ending work in process inventory of $50,000. Elaborate on the LIFO costing method and its suitability for inventory valuation. Provide detailed calculations and insights.

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