ATC 5-6 Writing Assignment Use of UFO The following information is available for Leno Company: Sales $695,000 Goods available for sale 535,000 Ending inventory (using FIFO) 246,000 Leno Company currently uses the FIFO cost flow method for financial statement reporting and tax reporting. It is considering changing to the LIFO cost flow method for tax reporting purposes. If Leno uses LIFO, its ending inventory would be $175,000. Required a. Why would Leno want to change to LIFO for tax reporting? b. Discuss any changes that Leno would have to make for GAAP reporting tax reporting. it does change to LIFO for