I need help with this prompt. It asks me:

The Periodic Inventory Method differs from the Perpetual Inventory Method in how it calculates the Cost of Goods Sold using cost flow assumptions. Please explain the distinction.

Explain why someone would choose the LIFO Cost Flow over the FIFO.

Explain why someone would choose the FIFO Cost Flow over the LIFO.

What is the goal of the lower of cost or net realizable value rule?

PLEASE be SPECIFIC with your answer in no less than 300 words.

DO NOT PLAGIARIZE, I RATE ALL OF MY QUESTIONS.