LIFO and FIFO

Depends on the particular situation. LIFO means that most recent stock will be sold/used so it also depends if the cost of the stock is rising (usually the case) or falling. So in the case of LIFO, higher sold inventory cost means that compared to FIFO, profits are lower, assets (remaining stock) are lower, and taxes are also lower (because profits are lower).

FIFO: Older, cheaper inventory is sold first, leading to higher profits, higher taxes, and newer inventory values on the balance sheet.
LIFO: Newer, more expensive inventory is sold first, leading to lower profits, lower taxes, and older inventory values on the balance sheet.

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