Understanding LIFO Reserve: Definitions, Calculations, and Tax Benefits

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

Calculate Cost of Goods Sold: FIFO Method Explained

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

Auto dealer stumbles on LIFO termination reversal

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 ...

Why You Should Use LIFO to Manage Your Inbox

Even when the amount of unreads isn't overwhelming, your choice can determine how your workday will go. In general, you ...
For Construction Pros

Fleetio Adds LIFO and FIFO Inventory Features to Software

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 ...
Auto Remarketing

Fleetio unveils LIFO / FIFO parts inventory valuation methods

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 ...
Lifehacker

Use LIFO, Not FIFO, to Manage Your Inbox

How do you decide which emails to respond to first? Your choice can determine how your workday will go, but the options can sometimes lead to indecision (which only slows you down more). In general, ...
Automotive News

LIFO tax relief for dealers left out of $1.7 trillion government funding bill

WASHINGTON — Despite bipartisan efforts in the House and Senate, new-car dealers looking to Congress for legislation on LIFO tax relief may need to wait until next year. The nearly $1.7 trillion ...