What is a common advantage to using last in first out inventory evaluation?

A common advantage of using Last In, First Out (LIFO) inventory evaluation is that it can lead to tax benefits during periods of inflation. By assuming that the most recently purchased items are sold first, LIFO results in higher cost of goods sold (COGS), which reduces taxable income. This method also matches current costs with current revenues, providing a more accurate reflection of profit margins in inflationary environments. However, it's important to note that LIFO is not permitted under International Financial Reporting Standards (IFRS).