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

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, ...

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, ...

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 ...

Fleet maintenance software Fleetio has added new inventory valuation methods to its offerings: LIFO / FIFO (last-in first-out, first-in first-out). LIFO / FIFO is an accounting method for customers to ...

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 ...

LouAnn Lofton breaks down this important financial statement component. Inventory may not be the sexiest topic around; I'll grant you that. Maybe in my next column, we'll uncover Victoria's Deep Dark ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

FIFO, HIFO and Spec ID (among others) are key methods to calculate crypto tax liability. The choice of method affects your taxable gains and overall liability. Record-keeping is crucial for compliance ...