Assume that Barber.Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $297 million. Then, in its footnotes, the company reports that inventories would have been $327 million had the company used the FIFO method. The difference between these two numbers ($30 million) is referred to as: Select one: O A. LIFO reserve B. LIFO conformity rule C. LIFO holding gain D. Inventory temporary difference E. None of the above

Assume that Barber Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $297 million. Then, in its footnotes, the company reports that inventories would have been $327 million had the company used the FIFO method. The difference between these two numbers ( $30 million) is referred to as: Select one: A. LIFO reserve B. LIFO conformity rule C. LIFO holding gain D. Inventory temporary difference E. None of the above