Discover the importance of LIFO Reserve in accounting, including its calculation, comparison with FIFO, and impact on taxes.

For many companies, inventory represents a large, if not the largest, portion of their assets. As a result, inventory is a critical component of the balance sheet. Inventory can be valued using a few ...

Discover how the FIFO method simplifies COGS calculations, using examples and comparisons to enhance your financial ...

Manufacturers, processors, wholesalers, jobbers, distributors and other companies that have a substantial portion of their assets in the form of inventory have an opportunity to improve their cash ...

Accounting and parts tracking can be some of the most challenging chores for fleet managers. To help, Fleetio added new inventory valuation methods to its list of offerings on Tuesday — LIFO / FIFO ...

In the United States, small businesses can choose from one of several inventory accounting methods, including "first in first out," or FIFO; "last in first out," or LIFO; and average cost. Each of ...

The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...

The "Last In, First Out" inventory method has been hotly debated at the federal level. Congress has threatened to outlaw the method as the Internal Revenue Service introduces laws and requirements ...

The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...

The impact of reduced new-vehicle inventories and the resulting LIFO recapture continues to be a major concern for dealers. The National Automobile Dealers Association has been very active for more ...