Question: The LIFO conformity rule requires that: Question 2 1 Answer a . A company must use the same inventory valuation method for both tax reporting

The LIFO conformity rule requires that:
Question 21Answer
a.
A company must use the same inventory valuation method for both tax reporting and financial reporting
b.
A company must use LIFO for tax reporting if it uses LIFO for financial reporting
c.
A company must use LIFO for financial reporting if it uses LIFO for tax reporting.
d.
None of the above statements are true.

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