Describe LIFO as an Inventory Method.

1.This is a group discussion, to be completed in a group discussion forum.
Prompt:
Answer the following question:
Describe LIFO as an Inventory Method. Discuss the differences in accounting for LIFO under:
• U.S. GAAP
• IFRS
• IRS
Compose an initial response that is one or two paragraphs long. In your response, please indicate where you found the relevant information by citing the appropriate sections or pages in the textbook.