Glenmount Inc, is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. dollar, eg. 5,225.) Glenmount Inc, is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. dollar, eg. 5,225.)