The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as the
A)FIFO reserve.
B)inventory reserve.
C)LIFO reserve.
D)periodic reserve.

Name: The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as the A)FIFO reserve. B)inventory reserve. C)LIFO reserve. D)periodic reserve.
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Question

Quizplus · Accepted Answer

The LIFO reserve is the difference between the ending inventory reported under LIFO and what it would have been under FIFO.

The Difference Between Ending Inventory Using LIFO and Ending Inventory