Under GAAP Companies Can Choose Which Inventory System $\begin{array} { l l l } & \underline{ \text { LIFO }} & \underline{ \text { FIFO }} \\\end{array}$

Short Answer

Under GAAP companies can choose which inventory system? $\begin{array} { l l l } & \underline{ \text { LIFO }} & \underline{ \text { FIFO }} \\\end{array}$
A) $\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}$
B) $\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}$
C) $\begin{array} { l l l }& \text { No } && \text { Yes } \\\end{array}$
D) $\begin{array} { l l l } &\text { No } && \text { No }\end{array}$