The requirement that U.S.firms using LIFO for tax reporting purposes must also use LIFO for financial reporting purposes is called the _____ rule.

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The requirement that U.S. firms using LIFO (Last-In, First-Out) for tax reporting purposes must also use LIFO for financial reporting purposes is known as the LIFO conformity rule. This rule ensures consistency between tax and financial reporting when using the LIFO inventory accounting method.

The Requirement That U