How can an industrial company inflate the value of its inventory so as to reduce net income and the taxes is has to pay that year?

FIFO is based on the principle that the first inventory goods received will be the first inventory goods sold.

LIFO is based on the principle that the last inventory goods received will be the first inventory goods sold.

Weighted average allocates the average period cost of all homogenous goods in inventory to individual items.

Use FIFO agreed with a Specialist valuable comment.

It can be done by using inventory FIFO method.