Question: What is a LIFO reserve? a . the difference between the LIFO inventory and the amount used for internal reporting purposes b . the tax

What is a LIFO reserve?
a. the difference between the LIFO inventory and the amount used for internal reporting
purposes
b. the tax savings attributed to using the LIFO method
c. the current effect of using LIFO on net income
d. change in the LIFO inventory during the year

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