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 ?
Backing out LIFO charges, EnvisionRx amortization and M&A expenses, adjusted pretax income fell 69.9% to $43.7 million.
Gross margin contracted 93 basis points to 2.56%, impacted by a significant increase in lower-margin branded drug sales as well as the shift in the pretax LIFO provision to expense of $102.8 million from a $215,000 credit a year ago.
However, Congress added a LIFO recapture provision in Sec.
* IFRS does not recognize LIFO, yet taxpayers with business operations outside the United States are often required to provide restated financial information that complies with IFRS.
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.
Already, private businesses have been slow to resume aggressive hiring, fearing the unknown - such as this push by President Obama to end the LIFO tax break.
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. The student must take the perspective of a company analyst needing to not only be able to make the proper calculations but also be able to sufficiently explain to a supervisor the implications of his or her findings.
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.
In essence, with LIFO, callers who called in last were answered first, and their perception was one of excellent service, chiefly because they weren't placed on hold.
A Last in first out, or LIFO as it is commonly referred to, has been frequently used by many employers in redundancy situations as a means of selection.
Upon adopting IFRS, a company using the last-in, first-out (LIFO) cost-flow assumption for determining its cost of goods sold for tax purposes will likely have to request permission from the Internal Revenue Service to change to an alternative method--such as the first-in, first-out (FIFO) method or the weighted average method.
Another priority is a proposal to repeal LIFO (last in first out) inventory accounting that was included in the Tax Reduction & Reform Act, which was introduced in the House late last year.
The valuation method used to estimate the cost of the ending inventory varies; namely, specific-identification, first-in-first-out (FIFO), last-in-first-out (LIFO), and weighted average or simple average.