The LIFO conformity rule states that if LIFO is used for:

The LIFO conformity rule states that if LIFO is used for:



A) One class of inventory, it must be used for all classes of inventory.

B) Tax purposes, it must be used for financial reporting.

C) One company in an affiliated group, it must be used by all companies in an affiliated group.

D) Domestic companies, it must be used by foreign partners.


Answer: B


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