10 1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions Principles of Accounting, Volume 1: Financial Accounting
The Internal Revenue Service allows companies to use LIFO for tax purposes only if they use LIFO for financial reporting purposes. Companies may also report an alternative inventory amount in the notes to their financial statements for comparison purposes. Because of high inflation during the 1970s, many companies switched from FIFO to LIFO for tax
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