Jacob Corporation Decides to Use the LIFO Method of Inventory

question 55

Multiple Choice

Jacob Corporation decides to use the LIFO method of inventory valuation.Which of the following is true?

• A)Jacob can change to FIFO whenever it wishes.
• B)Jacob must use LIFO in its financial statements.
• C)Jacob will have higher taxable income if prices are rising.
• D)Jacob can include FIFO information on the face of the income statements.

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