The LIFO reserve is the additional amount of inventory a company would report if it used FIFO instead of LIFO.

Name: The LIFO reserve is the additional amount of inventory a company would report if it used FIFO instead of LIFO.
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The LIFO reserve represents the difference between the inventory valued under LIFO and the inventory valued under FIFO, so it is the additional amount of inventory a company would report if it used FIFO instead of LIFO.

The LIFO Reserve Is the Additional Amount of Inventory a Company