Under GAAP companies can choose which inventory system? $\begin{array}{lll}& \underline{\text{ LIFO }}& \underline{\text{ FIFO }}\end{array}$
A) $\begin{array}{lllc}& \text{ Yes }& & \text{ No }\end{array}$
B) $\begin{array}{lllc}& \text{ Yes }& & \text{ Yes }\end{array}$
C) $\begin{array}{lllc}& \text{ No }& & \text{ Yes }\end{array}$
D) $\begin{array}{lllc}& \text{ No }& & \text{ No }\end{array}$

LIFO

An inventory valuation method standing for Last-In, First-Out, where the most recently acquired items are assumed to be sold or used first.

FIFO

FIFO (First In, First Out) is an inventory valuation method where the oldest inventory items are recorded as sold first.