Which inventory cost formula-FIFO or average- provides the better income statement valuation? The better balance sheet valuation?

Question:

Which inventory cost formula-FIFO or average- provides the better income statement valuation? The better valuation? Explain
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...