Which of the following is most accurate regarding whether last in, first out (LIFO) and first in, first out (FIFO) can be used for inventory accounting under US GAAP and International Financial Reporting Standards (IFRS)?

	US GAAP	IFRS
A.	FIFO only	LIFO only
B.	LIFO only	FIFO only
C.	LIFO or FIFO	FIFO only

Row B

Row A

Row C