Bogart Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. Bogart’s inventories are reported at $1,004 million on its balance sheet. In its footnotes, Bogart Company is required to report the amount at which inventories would have been reported under FIFO method. The difference between these two numbers is commonly referred to as what?

LIFO reserve

Explanation:

US GAAP standards allow companies to choose between first-in, first-out (FIFO) and last-in, first-out (LIFO) methods, but when reporting LIFO values, the companies must include the LIFO reserve.

The LIFO reserve is an account (although is not included in the balance sheet) that shows the difference between valuation methods.

International Financial Reporting Standards (IFRS) only allow FIFO inventory valuation method.

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