LIFO

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  • Lifo and Fifo

    19596 Words  | 79 Pages

    LIFO VERSUS FIFO: UPDATING WHAT WE HAVE LEARNED Nicole Thorne Jenkins Doctoral Student in Accounting Morton Pincus Associate Professor of Accounting College of Business Administration The University of Iowa 108 PBAB Iowa City, IA 52242-1000 U.S.A. 319/335-0915 FAX 319/335-1956 morton-pincus@uiowa.edu September 1998 (version 1.2) LIFO VERSUS FIFO: UPDATING WHAT WE HAVE LEARNED 1.0 INTRODUCTION The statutory mandate in U.S. tax law that firms using the last-in first-out (LIFO) inventory

  • Lifo and Fifo

    3212 Words  | 13 Pages

    FIFO and LIFO accounting Methods are accounting techniques used in managing inventory and financial matters involving the amount of money a company has tied up within inventory of produced goods, raw materials, parts, components, or feed stocks. FIFO stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact newest physical object has been tracked and sold; this is just an inventory technique. LIFO stands for last-in

  • Case Lifo Merrimack Tractors and Mowers Product View

    1578 Words  | 7 Pages

    An average cost is matched with revenue and provides results somewhere between LIFO& FIFO | | | | | | | | | | | | | | | | Specific Unit Method | | | | | | | | | | | | | | | | | Under this method specific cost of materials issued is charged to production. When materials are purchased for

  • Lifo and Fifo

    3220 Words  | 13 Pages

    FIFO and LIFO accounting Methods are accounting techniques used in managing inventory and financial matters involving the amount of money a company has tied up within inventory of produced goods, raw materials, parts, components, or feed stocks. FIFO stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact newest physical object has been tracked and sold; this is just an inventory technique. LIFO stands for last-in

  • Stack Structure Essay

    855 Words  | 4 Pages

    Survey of Stacks and Queues Have you ever been stuck in a line, a few, hundreds, or even thousands of people ahead of you? Well, this is exactly what a stack structure is all about. With a stack data structure, you are placed inside of a queue or we can use a line for example. To prevent customers or people from feeling unfairly placed or cheated this is a great way to make everything go over smoothly. Let's take a stack of plates for example. Consider the plates being stacked over one another on

  • Comparing LIFO And Sears Canada

    475 Words  | 2 Pages

    K-Mart uses the FIFO (First in-First out) method, Sears Domestic uses LIFO (Last in-First out) and Sears Canada uses the Average Cost method. Benefits to each would be reporting higher income and real time current inventory cost for the FIFO cost assumption, Lower income taxes and real time income due to inflation for LIFO cost assumption, and Average Cost assumption is a good middle ground between the other two. I think the LIFO method is actually the best method to use. Even though this method does

  • Lifo Recapture Tax Case Study

    599 Words  | 3 Pages

    The lifo recapture tax law is as follows. When a entity has inventory acquired under the lifo method, the company must have must have its remaining income provided for its last year as a c-corp. If the company had assets that were previously recognized under a c-corporation it must include those assets under the recapture tax law. The recapture method is the amount left over the available inventory after the remaining inventory is used and the fifo over the amount using the lifo method at the end

  • Merrimack Tractors and Mowers, Inc: Lifo or Fifo ?

    1376 Words  | 6 Pages

    Merrimack Tractors and Mowers, Inc.: LIFO or FIFO? 1.- Study the financial information for reel mower units that James Colburn prepared for Rick Martino. (Assume that the reel mower units are typical of all classes of inventory at Merrimack). Prepare a pro-forma income statement assuming no changes in accounting policy for 2008, and assuming the company sells 10,000 units each quarter at a price of 2,000 per unit with Sales General and Administration costs the same as for 2007. Sales Quarter Units

  • Chapter 7 Financial Accounting Reporting and Interpreting Cost of Goods Sold and Inventory Solution

    10350 Words  | 42 Pages

    in this case, also will influence the ending inventory for the two remaining items. 8. LIFO and FIFO have opposite effects on the inventory amount reported under assets on the balance sheet. The ending inventory is based upon either the oldest unit cost or the newest unit cost, depending upon which method is used. Under FIFO, the ending inventory is costed at the latest unit costs, and under LIFO, the ending inventory is costed at the oldest unit costs. Therefore, when prices are rising,

  • Chapter 8 Valuation of Inventories

    15521 Words  | 63 Pages

    errors. Overstatement of purchases and ending inventory. Period vs. product costs. Reporting Purchase Discounts Lost. Cost flow assumption. FIFO periodic vs. perpetual system. Purchase commitments. Using LIFO for reporting purposes. LIFO liquidation. LIFO liquidations. Dollar-value LIFO Dollar-value LIFO method.

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