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, ...

The inventory costing method your company uses directly affects your "cost of goods sold," which is an expense. The higher the expense you report, the lower your net income, and thus the lower your ...

The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

When you decide to sell a portion of your holdings in a stock, you have to decide which shares you actually want to sell. Two of the most common methods used in this decision are known as FIFO and ...

Summer is when we get to catch up on our reading, and this year's list included articles on what, if anything, to do about inventory accounting because of international convergence. Processing Content ...

Fleetio, a fleet maintenance software, has added new inventory valuation methods to its list of offerings, LIFO and FIFO (Last-In First-Out and First-In First-Out). LIFO-FIFO is an accounting method ...

Please note: This item is from our archives and was published in 2001. It is provided for historical reference. The content may be out of date and links may no longer function. THE IRS HAS PROPOSED ...