Companies that hold inventory must have a structured way of managing it. When the production or sales departments need material from inventory, they can either take it from the most recently purchased ...

Learn how LIFO liquidation impacts businesses, why companies use this method during inflation, and see a real-world example to understand its financial benefits.

A company with last-in-first-out (LIFO) inventory that experiences a decrease in LIFO inventory would typically have additional taxable income related to the LIFO decrement. A LIFO decrement is the ...

In a recent article, Edward D. Kleinbard, George A. Plesko, and Corey M. Goodman argue that last-in, first-out inventory accounting gives an undue tax preference to inventories and should be ...

The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to help businesses facing foreign trade obstacles to maintaining inventory during the pandemic. The AICPA ...