Match the terms with the descriptions provided.
-The amount that the inventory would increase or decrease if the company had used FIFO instead of LIFO.

Question

Quizplus · Accepted Answer

The LIFO Reserve represents the difference between the cost of inventory calculated using LIFO versus FIFO. Therefore, it represents the amount that the inventory would increase or decrease if the company had used FIFO instead of LIFO.

Match the Terms with the Descriptions Provided