The company has consistently used the LIFO inventory method and has deferred over $1 million of income from using that method.However, in the last two years, the prices it pays for goods has been decreasing.Therefore, the
company is considering changing to the FIFO inventory method.What would be some tax consequences of the change?

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The Answer of The company has consistently used the LIFO inventory method and has deferred over $1 million of income from using that method.However, in the last two years, the prices it pays for goods has been decreasing.Therefore, the
company is considering changing to the FIFO inventory method.What would be some tax consequences of the change?

The Company Has Consistently Used the LIFO Inventory Method and Has