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

Question

Quizplus · Accepted Answer

The LIFO reserve is the difference between the inventory reported using LIFO and what the inventory would have been if FIFO had been used instead. This directly matches the description of the amount by which inventory would increase or decrease if the company had used FIFO instead of LIFO.

Match the Terms with the Descriptions Provided