31a.C corporation will elect same tax yearb.Sole proprietorship will elect same tax yearc.Partnership will elect same tax yeard.S corporation will use calander year as the tax year.40a.21000b. he could get the entire adujustment in the year of 201644DescriptionFIFOLIFOsale of 200 units140000140000purchase of 190 units7980079800opening inventory80008000COGS8780087800Ending inventory
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Types of companies, FIFO and LIFO accounting, S corporation, C CORPORATION