The U$.$S$.$ tax code requires:

Group of answer choices

Periodic FIFO be used for tax reporting.

Weighted average be used for tax reporting.

Periodic LIFO be used for tax reporting.

If a company uses FIFO for tax reporting, it must also be used for financial reporting $$ called the FIFO conformity rule.

If a company uses LIFO for tax reporting, it must also be used for financial reporting $$ called the LIFO conformity rule.