Flynn Company uses LIFO for tax purposes and external reporting purposes. For internal reporting purposes, Flynn Company uses FIFO.
Required:
List a few reasons why a company uses different inventory costing methods for different purposes.

Question

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The Answer of Flynn Company uses LIFO for tax purposes and external reporting purposes. For internal reporting purposes, Flynn Company uses FIFO.
Required:
List a few reasons why a company uses different inventory costing methods for different purposes.

Flynn Company Uses LIFO for Tax Purposes and External Reporting