Determine whether FIFO, LIFO, or both are described in the below statements.

Answer $1$

$1.$ Emphasizes the balance sheet, in that more recent costs are contained in the inventory account.

Answer $2$

$2.$ If used for tax purposes, this method must be used for financial statement purposes.

Answer $3$

$3.$ One advantage is that this method will match current costs against current revenue on the Income statement.

e$.$

$$14,700$