Which of the Following Is True Regarding Cost Flow Assumptions

Multiple Choice

Which of the following is true regarding cost flow assumptions?

A) Manufacturing firms are required to use FIFO.
B) Service firms are required to use LIFO.
C) If a firm uses FIFO for tax purposes, then FIFO must be used for financial reporting purposes.
D) If a firm uses LIFO for tax purposes, then LIFO must be used for financial reporting purposes.