Match each term related to inventory methods with its description.
A. Best matches cost of inventory sold with its related revenue.
B. LIFO must be used for financial reporting if elected for tax reporting.
C. Results in higher ending inventory during periods of rising prices.
D. Additional amount of inventory a company would report if it used FIFO instead of LIFO.
E. Once a company chooses an inventory method, it is not allowed to frequently change to another one.
A. LIFO
B. LIFO conformity rule
C. FIFO
D. LIFO reserve
E. Consistency
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