Please answer the following question:
Question 1: Explain in your own words the FIFO (First In First Out) method. How is this inventory method calculated? What are some of the advantages and disadvantages of the FIFO method?
Question 2: Thoroughly describe why the Direct Write-Off Method of Uncollectible Accounts is not acceptable by GAAP, and why the Allowance Method is acceptable by GAAP.
Note: Please provide through step by step calculations.