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Business, 12.03.2021 17:50 NONO3456

Assume that Barber Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $297 million. Then, in its footnotes, the company reports that inventories would have been $327 million had the company used the FIFO method. A. LIFO reserve B. LIFO conformity rule C. LIFO holding gain D. Inventory temporary difference E. None of the above

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