The LIFO conformity rule states that if a company uses LIFO for tax purposes, it must also use it for financial reporting purposes.

Name: The LIFO conformity rule states that if a company uses LIFO for tax purposes, it must also use it for financial reporting purposes.
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The LIFO conformity rule requires companies to use the same inventory accounting method (such as LIFO) for both tax and financial reporting purposes. This helps ensure consistency and accuracy in financial reporting.

The LIFO Conformity Rule States That If a Company Uses