8dd8e1b3_O_Accounting___AccountingTools__LIFO_Method
[Issue] Inflation [FIFO Method] If costs are increasing, the first items sold are the least expensive, so your cost of goods sold decreases, you report more profits, and therefore pay a larger amount of income taxes in the near term. [LIFO Method] 
If costs are increasing, the last items sold are the most expensive, so your cost of goods sold increases, you report fewer profits, and therefore pay a smaller amount of income taxes in the near term.
FIFO vs LIFO Accounting - AccountingTools
LIFO Method