TB MC Qu$.7-67($Static$)$ If two companies each use different...

If two companies each use different inventory accounting methods, the companies can be made comparable from information reported in the financial statements by:

Multiple Choice

converting inventory at cost to inventory at lower of cost or market $($net realizable value$).$

converting cost of goods sold to lower of cost or market $($net realizable value$).$

converting inventory on a LIFO basis to a FIFO basis using the LIFO Reserve.

converting the FIFO Reserve to a LIFO inventory.