The U.S.GAAP requires firms using LIFO to disclose in notes to the financial statements
A)the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis.
B)the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis.
C)the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis.
D)the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis.
E)none of the above

Question

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U.S. GAAP requires firms using the LIFO (Last In, First Out) inventory method to disclose in their financial statement notes the amounts by which inventories would have been higher if they had been computed using the FIFO (First In, First Out) or current cost method instead of LIFO. This disclosure helps users of financial statements understand how the use of LIFO affects the reported inventory values.

The USGAAP Requires Firms Using LIFO to Disclose in Notes to to the Financial