The USGAAP Requires Firms Using LIFO to Disclose in Notes to to the Financial

Multiple Choice

The U.S.GAAP requires firms using LIFO to disclose in notes to the financial statements

A) the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis.
B) the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis.
C) the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis.
D) the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis.
E) none of the above