• Since in the LIFO method, the last or recent purchases are sold first, this will result in the high cost of goods sold due to the inflated purchase prices of the goods recently purchased.
• The greater cost of goods sold will result in the decrease in the gross profit and which will ultimately impact the net income leading to decrease in net income

Why wouldn't it have the opposite effect of LIFO? Isn't FIFO the opposite of LIFO? (minimum 8 sentences)