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If a company uses LIFO to measure its taxable income, the IRS requires that LIFO...

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Accounting

If a company uses LIFO to measure its taxable income, the IRS requires that LIFO also be used to measure income reported to investors and creditors. This is
know as the
Inventory costing rule.
LIFO observance rule.
LIFO conformity rule.
Inventory choice rule.
image

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