If a company uses LIFO for tax purposes,they must use LIFO for financial reporting purposes.

Name: If a company uses LIFO for tax purposes,they must use LIFO for financial reporting purposes.
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In the United States, if a company chooses to use the Last-In, First-Out (LIFO) inventory method for tax purposes, it must also use LIFO for financial reporting purposes to maintain consistency between tax reporting and financial reporting. This requirement is known as the LIFO conformity rule.

If a Company Uses LIFO for Tax Purposes,they Must Use