Atw corporation currently uses the fifo method of accounting for its inventory for book and tax purposes. its beginning inventory for the current year was $8,000,000. its ending inventory for the current year was $7,000,000. if atw had been using the lifo method of accounting for its inventory, its beginning inventory would have been $7,000,000 and its ending inventory would have been $5,500,000. spilker, brian; spilker, brian. mcgraw-hill's taxation of individuals and business entities 2020 edition (page 16-33). mcgraw-hill higher education. kindle edition.