Determine whether FIFO, LIFO, or both are described in the below statements. Emphasizes the balance sheet, in that more recent costs are contained in the inventory account. If used for tax purposes, this method must be used for financial statement purposes. One advantage is that this method will match current costs against current revenue on the Income statement. BOTH, FIFO, LIFO FIFO, LIFO, LIFO LIFO, LIFO, LIFO FIFO, BOTH, FIFO FIFO, FIFO, FIFO