Last-in, first-out is one of several methods a business may use to account for the cost of its inventory for financial reporting purposes. Inventory is the goods and products a business sells to ...

Although rising prices increase the cost of your inventory purchases, rising prices affect LIFO (Last-in, First-out) and FIFO (First-in, First-out) inventory values differently. Each inventory ...

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 ...

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 ...

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 ...

On May 1st, I posted about Haverty’s earnings release. Two things popped out at me in that quarterly report. First, Haverty’s decided to push credit to sell furniture instead of lowering prices and ...

With 2021 just ended, many dealers are rubbing their hands in delight over their supersized operating profits while scratching their heads over what to do about last in, first out (LIFO) recapture as ...

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 ...

Thousands of small and midsize U.S. dealerships and even some large ones may need unprecedented government intervention as they face abnormally large income tax bills this spring because of a ...