Question: 1 9 . John s Auto Dealership elects to use the IPIC external index in adopting LIFO. Which of the following is true:A . Generally

19. Johns Auto Dealership elects to use the IPIC external index in adopting LIFO. Which of the following is true:A.Generally, the IPIC external index may be used for GAAPB. GAAP specifically prohibits use of an external index for LIFO purposesC. GAAP provides a special 80% rule to be applied when an external index is used for LIFOD. LIFO may no longer be used for GAAP purposes

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