The LIFO conformity rule requires that if a company a. uses LIFO in reporting income to stockholders,

Question:

The LIFO conformity rule requires that if a company

a. uses LIFO in reporting income to stockholders, it also must use LIFO on its tax return.

b. uses LIFO on its tax return, it also must use LIFO in reporting income to stockholders.

c. uses LIFO on its tax return, it must use FIFO in reporting income to stockholders.

d. none of the above.

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