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 ?
However, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, LIFO, lease termination and impairment charges, and various other items) for the final quarter dipped 3.
Fiscal 2012's bottom line, meanwhile, was impacted by $82 million in transaction costs associated with Walgreens' purchase of a 45% stake in Alliance Boots, $161 billion in acquisition-related amortization expense and a $195 million LIFO charge.
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.
If prices are generally increasing and a business is not reducing its inventory levels, using LIFO for inventory valuation results in higher cost of goods sold, lower net income, and lower tax liability than using the first-in, first out (FIFO) method.
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.
If LIFO alone was applied it is highly likely that a different conclusion would have been reached.
If a company changes its accounting method from LIFO to something else, it must restate opening inventory in the year of the change as if it had used the new method in prior periods.
Most of these studies focused on two inventory methods--FIFO and LIFO.
One source of income that caught Congressional attention last year is LIFO (last-in first-out) inventory accounting.
Grassley and Max Baucus, chair and ranking member of the Senate Finance Committee, urging the retention of the LIFO inventory accounting method.