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Assume that Barber Co . uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $
Assume that Barber Co uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $ million. Then, in its footnotes, the company reports that inventories would have been $ million had the company used the FIFO method.
The difference between these two numbers $ million is referred to as:
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