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 ...

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 ...

Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of goods sold with practical examples and methods.

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 ...

Two common ways for companies to account for inventory are first-in/first-out, or FIFO, and last-in/last-out, or LIFO. In FIFO, the first units that arrive in the business are the first sold. In LIFO, ...

Last-in, first-out (LIFO) and first-in, first-out (FIFO) are two common inventory valuation methods used by companies in accounting. Inventory valuation is the process of assigning value to materials, ...

The selection by an entity of its company structure, its fiscal year and its method of accounting are the three main mechanisms that a company can employ in performing substantial tax planning, ...

The food industry is gathering data to fight efforts in Congress toward the possible repeal of the LIFO method of inventory accounting — proposals that could mean not only higher taxes on inventory ...

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 ...

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 ...

A bipartisan group of lawmakers is urging the House’s top tax writer to drop changes to a popular accounting method from his tax reform draft. {mosads}Reps. James Lankford (R-Okla.), Mike Thompson ...