What factors should you consider before making a change to LIFO?

Suppose you are the controller of a company that sells inventory.
Suppose, too, that the economy currently enters a period of high
inflation. Although profits are higher this year than last year, you
realize that the cost to replace inventory is also higher. You are aware
that many companies are changing to the Last-In First-Out (LIFO)
inventory method to save on taxes in the current year; however, you are
concerned that when prices eventually decline, the LIFO method will
result in higher taxes. Because declining prices are usually equated
with economic recession, it is likely that the higher taxes will be paid
when revenues are declining. What factors should you consider before
making a change to LIFO? Based on the above considerations, what would
you recommend?