What is the LIFO reserve? The difference between cost of goods sold under LIFO compared to FIFO An amount used to adjust the LIFO inventory to historical cost The difference between the value of the inventory under LIFO and the value under FIFO An amount used to adjust inventory to the lower-of-cost-or-market

What is the LIFO reserve?
     The difference between cost of goods sold under LIFO compared to FIFO
     An amount used to adjust the LIFO inventory to historical cost
     The difference between the value of the inventory under LIFO and the value under FIFO
     An amount used to adjust inventory to the lower-of-cost-or-market
                                        

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