UU IUI LIU al 18. $900,000 $1.3 million $1.6 million O $3.1 million Mark for follow up Question 22 of 35. Which of the following is TRUE about the LIFO method? The items purchased or produced first are treated as the first items sold during the year. The items purchased or produced last are the first items sold. O It is the default cost tracking method that the IRS will apply. O LIFO can only be used by taxpayers who do not have an applicable financial statement Mark for follow up Question 23 of 35. for accounting? Which of the following is TRUE about the LIFO method? The items purchased or produced first are treated as the first items sold during the year. The items purchased or produced last are the first items sold. It is the default cost tracking method that the IRS will apply. LIFO can only be used by taxpayers who do not have an applicable financial statement