If the LIFO inventory method was used last period, it should be used for the current and following periods because of
A) comparability.
B) materiality.
C) timeliness.
D) verifiability.

Question

Quizplus · Accepted Answer

The LIFO inventory method should be consistently used over time to ensure comparability of financial statements. Switching between different inventory methods can distort the comparability of financial statements over different periods.

If the LIFO Inventory Method Was Used Last Period, It