The LIFO conformity rule requires a company that uses LIFO for tax reporting to use FIFO for financial reporting.The LIFO conformity rule requires a company that uses LIFO for tax reporting to also use it for financial reporting.

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The LIFO conformity rule requires a company that uses LIFO for tax reporting to use FIFO for financial reporting, not to use LIFO for financial reporting.

The LIFO Conformity Rule Requires a Company That Uses LIFO