When changing from LIFO to FIFO, the least likely result would be
A)disclosing an increase in the inventory balance
B)disclosing an increase in the deferred taxes account
C)removing the LIFO reserve
D)obtaining a tax refund from the IRS

Question

Quizplus · Accepted Answer

Changing from LIFO to FIFO primarily affects accounting and reporting practices. It does not directly lead to obtaining a tax refund from the IRS. The other options are typical consequences of such a change.

When Changing from LIFO to FIFO, the Least Likely Result