Book 7 Practice Exam 1 afternoon session Q 97

Hi, Since the Flexi accounts for the inventory using LIFO do I still need to adjust for the LIFO reserve? and why? Thanks

Opinion: Cause FIFO is better measure for balance sheet i.e. inventory values and LIFO is better measure for I/S i.e. COGS. So, u have to add LIFO Reserve to Lifo Inventory to get Fifo inventory.