Discussion Initial Response Due by Wednesday: The Cost of Production Report has $2$ main sections and is computed in $4$ steps. Discuss the impact of switching inventory management assumptions. The Inventory Comparison workbook will help you conceptualize the impacts of the below scenarios. If your last name begins with A$-$L: Describe how total costs $($last line of the Cost of Production Report$)$ would change in period of rising costs if the company switched from LIFO to FIFO.If your last name begins with M$-$Z: Describe how inventory assumptions $($e$.$g$.,$ weighted average, FIFO, etc.$)$ impact the Balance Sheet and the Income Statement. Provide an example. $($Refer back to the chapter on Inventories if you need to refresh your memory.$)$