Anna Baluch is a freelance writer from Cleveland, Ohio. She enjoys writing about a variety of health and personal finance topics. When she's away from her laptop, she can be found working out, trying ...

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

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, ...

How a company values its inventory affects its income statement and bottom line. "Average cost" and "last in, first out," or LIFO, are two of the most common methods for valuing inventory. Both rely ...

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 ...

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 ...

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 ...