What's the advantage of LIFO over FIFO method?

LIFO method is used over FIFO method for tax advantages.

Explanation:

Most of the companies prefer LIFO method than FIFO method because the companies get tax advantages. During inflation LIFO method is used because, at the time of inflation price of the goods are high and the goods are being sold at high prices and the consumers buy those costly goods, as a result the inventory that remains are having lower balance. When a costly good is sold that determines less net income. As a result there is a small amount of tax liability.