In reading "Why LIFO is the only way to fly" (Financial Tactics, October 1982), I am again puzzled at the focus of using LIFO for tax reasons. Does this mean that in a deflationary period a company should switch back to FIFO (providing tax authorities will allow it)? The fundamental reason that the LIFO concept was originated was that it is a superior method of reporting operating results during the year because it tends to mateh current actual costs to current actual revenue. This lends itself to better day-to-day management decisions regarding pricing and the cost of operations. That accounting authorities still harp on the tax advantages of LIFO amazes me beeause the overriding rule for inventory valuation is "cost or market value, whichever is lower."