Source Advisors LIFO Accounting, which stands for Last In First Out, is an accounting method that assumes the most recently acquired inventory items are sold first. This practice can be seen in a ...

Since 1939, when the Tax Code's treatment of inventory was modified to permit LIFO, managers and accountants have faced a tri-lemma in that they have to choose among FIFO, LIFO and average flow ...

There continue to be rumblings that Congress may repeal the LIFO accounting method for inventory. If that happens, companies using the last-in-first-out method may have to pay back LIFO savings ...

A lot depends on the nature of your business. In some cases accounting methods can actually be part of your business strategy; inventory accounting is one of those methods. Specific identification ...

As part of their federal tax reform efforts, White House policymakers and members of the House and Senate tax-writing committees are currently considering repeal of the “last in, first out” (LIFO) ...

Another year, another administrative budget proposal to banish last-in-first-out accounting for inventory. As he has each year in office, President Obama is suggesting Congress do away with LIFO ...

WIRE uses LIFO accounting for inventory which overstates earnings during periods of declining copper prices, and understates when copper prices climb. Q4 average copper pricing increased sequentially ...

In a recent article, Edward D. Kleinbard, George A. Plesko, and Corey M. Goodman argue that last-in, first-out inventory accounting gives an undue tax preference to inventories and should be ...

Managers have many choices when it comes to accounting for inventory. Regardless of whether your small business uses a periodic or perpetual system, you must establish a method to determine the cost ...

HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--General Cable Corporation (NYSE: BGC), today announced a change in accounting for inventories from the last-in, first-out (LIFO) method to the average cost ...

Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.

Inventory includes the raw materials used by manufacturers in production or the resale goods distributors and retailers acquire to sell to their customers. Proper accounting of inventory is important ...