For many years, T Corporation accounted for inventories using FIFO and the lower of cost or market methods.T may switch to LIFO and retain the lower of cost or market valuation method.

Name: For many years, T Corporation accounted for inventories using FIFO and the lower of cost or market methods.T may switch to LIFO and retain the lower of cost or market valuation method.
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Question

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A company cannot use the lower of cost or market method with LIFO; it must use the lower of cost or net realizable value instead.

For Many Years, T Corporation Accounted for Inventories Using FIFO