The LIFO Effect Is ________

question 105

Multiple Choice

The LIFO effect is ________.

• A) the change from the LIFO inventory value to the FIFO inventory value
• B) the difference between the ending inventory measured using LIFO and FIFO
• C) the change in the LIFO reserve account during the year and the impact on cost of goods sold
• D) the difference between the beginning inventory measured using LIFO and FIFO

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