mimisydney4281 mimisydney4281

11-07-2020
Business

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Companies can and often do use different costing methods for financial reporting and tax reporting. An exception to this is the:

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andromache andromache

12-07-2020

Answer:

LIFO conformity rule.

Explanation:

LIFO refers to the Last in first out method. In this inventory system, the firm sells last units at first stage and then sells according to that

According to the given situation, the LIFO conformity rule requires that the taxpayer follow the same inventory cost flow as used for tax reporting purposes in the financial statement.

Therefore the correct answer is LIFO conformity rule.

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