Section 24701 Of Article 5. Inventories From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 13. >> Article 5.

. (a) Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.
  (b) Section 472 of the Internal Revenue Code, relating to last-in, first-out inventories, shall apply, except as otherwise provided.