Which of the Following Is True Regarding the Use of LIFO

Multiple Choice

Which of the following is true regarding the use of LIFO for inventory valuation?

A) If LIFO is used for external financial reporting, then it must also be used for internal reports.
B) For purposes of external financial reporting, LIFO may not be used with the lower-of-cost-or-net realizable value approach.
C) If LIFO is used for external financial reporting, then it cannot be used for tax purposes.
D) None of these.