A company can choose to use FIFO inventory costing methods for the financial statement and can elect to use either LIFO or FIFO on the tax return, however if you use LIFO for books then you must use LIFO on the tax return
A. True.
B. False.
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Home » Business » A company can choose to use FIFO inventory costing methods for the financial statement and can elect to use either LIFO or FIFO on the tax return, however if you use LIFO for books then you must use LIFO on the tax return A. True. B. False.