Under GAAP, the choice of inventory costing method (LIFO, FIFO, etc.) must be determined by the physical flow of the goods.

Name: Under GAAP, the choice of inventory costing method (LIFO, FIFO, etc.) must be determined by the physical flow of the goods.
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Under GAAP, the choice of inventory costing method (e.g., LIFO, FIFO) is not required to match the physical flow of goods; companies can choose the method that best matches their financial reporting objectives, as long as they consistently apply it.

Under GAAP, the Choice of Inventory Costing Method (LIFO, FIFO