Question: TB MC Qu . 1 0 - 5 3 The LIFO conformity rule states that: The LIFO conformity rule states that: Multiple Choice if LIFO

TB MC Qu.10-53 The LIFO conformity rule states that:
The LIFO conformity rule states that:
Multiple Choice
if LIFO is used for tax purposes, the external financial statements must also use LIFO.
if FIFO is used for tax purposes, the external financial statements must also use FIFO.
if LIFO is used for tax purposes, the external financial statements must use FIFO.
if FIFO is used for tax purposes, the external financial statements must use LIFO.

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