Choosing between LIFO and FIFO

Discuss choosing between LIFO and FIFO.

Imagine the situation that you have just been hired as a consultant to Virginia Industries, a newly formed company. The president, Gary Broome, is seeking your advice as to the appropriate inventory method Virginia should use to value its inventory and the costs of goods sold. What would you recommend to Mr. Broome to help him choose between LIFO and FIFO?