This discussion will provide you with the opportunity to debate LIFO versus FIFO and provide your opinion on what method is better for a company to use. As a result of this discussion, you will gain a deeper understanding of the two inventory methods and have the opportunity to analyze the effect each method has on financial statements.Choose either LIFO or FIFO as a method of inventory valuation, and thoroughly discuss why you feel the chosen method is better than the other. What are the advantages and disadvantages of your chosen method? How does your chosen method affect the financial statements? Why did you select the method you did? Why do you believe that IFRS does not allow the use of the LIFO inventory valuation method?