Under IFRS 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

Last In, First Out, an inventory costing method where the last items added to inventory are the first to be used or sold.

FIFO

"First In, First Out," an inventory valuation method where the cost of the earliest goods purchased or produced are the first to be charged against income when those goods are sold.