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The FIFO method assumes that the costs associated with the inventory that has been on hand the longest are the ones that are matched against the revenues generated from selling the inventory in the current period. Typically, in times of rising prices, the result is a lower amount assigned to the cost of goods sold on the income statement and a higher amount allocated to the valuation of the unsold inventory. Conversely, the LIFO method instead matches the most recent costs of inventory against current revenues, resulting in a higher amount associated with the cost of goods sold and a lower amount going towards inventory on-hand.

When you're using LIFO accounting methods in the context of an inventory decline, your balance sheet will soon bear little relation to your actual financial position because your latest costs become the supposed real costs of the goods sold. But as inventory declines, you begin selling goods that were actually acquired for far less at some earlier time. These earlier costs are still there in the inventory account. The result is that the reported asset balance has no relation to the cost of goods at current prices

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