44) Compare and contrast FIFO, LIFO, and the weighted-average cost flow methods. 45) The following information is from the accounting records of JackCo: Number of Units Unit Cost ...

44) Compare and contrast FIFO, LIFO, and the weighted-average cost flow methods.

45) The following information is from the accounting records of JackCo:

Required:

1. Determine the cost of goods sold assuming JackCo uses the first-in, first-out (FIFO) inventory method.

2. Determine the cost of goods sold assuming JackCo uses the last-in, first-out (LIFO) inventory method.

3. Which inventory method results in
LOWER
taxable income for the period? Why?

46) What are the advantages and disadvantages of using LIFO as a cost flow method?