Which of the following statements about inventory costing methods is correct? Multiple Choice International Financial Reporting Standards (IFRS) allow the use of LIFO but not FIFO. A change in inventory method is allowed only if it improves the accuracy of the company's financial results. In the U.S., If a company uses LIFO on the income tax return, it may use a different method for financial reporting, During a period of rising prices, LIFO results in a higher income tax expense than does FIFO