You have just been hired as a consultant to Tangier Industries, a newly formed company. The companypresident, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use tovalue its inventory and cost of goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He hasheard that LIFO might be better for tax purposes, but FIFO has certain advantages for financial reporting toinvestors and creditors. You have been told that the company will be profitable in its first year and for theforeseeable future. Prepare a report for the president describing the factors that should be considered byTangier in choosing between LIFO and FIFO.

Sample Solution
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