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Bogart Company uses the LIFO inventory costing method for both its tax reporting purposes and...

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Accounting

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?

Select one:

A. LIFO reserve

B. LIFO holding gain

C. LIFO liquidation

D. LCM disclosures

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