If a company uses LIFO for tax purposes,it need not use LIFO for financial reporting purposes.

Name: If a company uses LIFO for tax purposes,it need not use LIFO for financial reporting purposes.
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Quizplus · Accepted Answer

In the United States, if a company chooses to use the LIFO (Last In, First Out) method for tax purposes, it must also use LIFO for financial reporting purposes to maintain consistency between tax reporting and financial reporting. This requirement is known as the LIFO conformity rule.

If a Company Uses LIFO for Tax Purposes,it Need Not