LIFO vs. FIFO for costing inventory equalize overtime in much the same way that effects from differences in depreciation schedules equalize overtime. However, firms typically recognize deferred taxes related to depreciation, but not due to differences in LIFO vs. FIFO. Explain why a firm may not recognize deferred tax effects in connection with its choice of inventory costing assumptions. As part of your answer, be sure to indicate when a firms inventory costing assumption will cause recognition of deferred taxes