1. Select one financial statement item from the list below:

LIFO vs. FIFO Inventory

Goodwill

Depreciation

2.Compare how the accounting for the item would be treated for accounting purposes under GAAP as documented in the FASB codification vs. treated for tax purposes under the Internal Revenue Code. What are the key differences to the generally accepted accounting principles according to the FASB Codification and tax guidance, with references to the Internal Revenue Code section to support your conclusions?