The LIFO reserve is the difference between

A. the value of the inventory under LIFO and the value under average cost.
B. the difference between the value of the inventory under LIFO and the value under FIFO.
C. an amount used to adjust inventory to the lower of cost or market.
D. the amount used to adjust inventory to historical cost.

the difference between the value of the inventory under LIFO and the value under FIFO. (B)

Explanation:

Last In First Out (LIFO) reserve acts as a contra account i.e it’s a ledger account used for the purpose of inventory. Inventory is a current asset account that is found on balance sheet and consist of raw materials, the work-in-progress, and the finished goods accumulated by a company.

The LIFO reserve reveals the differences between the two ways inventory is valued i.e LIFO (last in, first out) and the FIFO (first in, first out). The LIFO reserve shows the difference between the value of inventory under the LIFO and the value of the inventory under FIFO.

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.

answer the amount a seller is paid minus the cost of production;