Firms that use LIFO must disclose the dollar magnitude of the difference between LIFO and FIFO cost.

Name: Firms that use LIFO must disclose the dollar magnitude of the difference between LIFO and FIFO cost.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This disclosure is required under accounting standards to provide users of financial statements with a better understanding of the impact of LIFO on inventory valuation and the company's financial performance.

Firms That Use LIFO Must Disclose the Dollar Magnitude of the Difference