A Company Can Change from LIFO to FIFO Without Notifying

question 48

True/False

A company can change from LIFO to FIFO without notifying the Internal Revenue Service.

---

Definitions:

Fabrication Hours

The total hours spent on manufacturing or constructing an item or product.

Finishing Department

The section of a manufacturing process where the final production phases occur, often involving cleaning, polishing, and packaging.

Net Profit

The actual profit after all expenses and taxes have been deducted from total revenue.

Disinfectants

Substances used to kill or inhibit the growth of harmful microorganisms on surfaces, objects, or skin.