Why are some U.S.companies opposed to elimination of the LIFO inventory method?

Question

Quizplus · Accepted Answer

The elimination of LIFO would result in increased tax burden for companies that use this inventory method. This is because LIFO allows companies to report lower profits and therefore pay less in taxes. Eliminating LIFO would require companies to switch to another inventory method, such as FIFO, which could result in higher reported profits and in turn, higher taxes.

Why Are Some U