LIFO


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  • noun

Synonyms for LIFO

inventory accounting in which the most recently acquired items are assumed to be the first sold

References in periodicals archive ?
1363-2(e)(1), a taxpayer must adjust the basis of its inventory to reflect the amount of LIFO recapture included in income.
If any costs are allotted to inventory, they have to be disclosed separately, and if a company uses the LIFO method, then it has to disclose the difference between the stated and current value, which is the LIFO reserve.
The primary focus of the case is the financial statement adjustments and then re-calculation of the Altman Z-score for Thiel Machinery because of its inability to continue using LIFO.
Conversely, the LIFO method instead matches the most recent costs of inventory against current revenues, resulting in a higher amount associated with the cost of goods sold and a lower amount going towards inventory on-hand.
Implement a LIFO approach, and the perception is just the opposite: callers know they'll sometimes have to wait, but also know the chance is good that service will be rather quick, if not immediate.
Charles Mulford, professor of accounting and Invesco Chair at Georgia Tech, found in his research that 30 companies with big LIFO reserves would face a total tax bill of $15.
481(a) adjustment will be substantial, because the beginning inventory amount under LIFO includes purchases from many years earlier.
The authors studied a database from COMPUSTAT of 175 FIFO firms and 48 LIFO firms with respect to the eight above-mentioned factors.
As a result, in a period of rising prices, the LIFO method tempers the distortive effect of inflation on the taxpayer's reported profits.
LIFO has tested and assessed a vast range of people in the past year and surveys have illustrated that people with massive ability often have no commitment or drive, whereas there are average intellect staff who put in massive efforts to improve themselves and their colleagues.
LIFO delivers a more current figure for cost of goods sold or cost of sales, but a less current inventory valuation.
Even basic inventory methods, such as FIFO, LIFO and weighted average that you knew the instructor understood, needed to be included.
For instance, a computer company that buys computer chips to place in its PCs may use LIFO, the last-in, first-out method, to lower its costs on paper.
The net result of the LIFO method is to charge current revenues with amounts approximating the current replacement costs of inventory, lowering taxable income.