The company’s net loss shrank to $2.2 million for Q4 FY24 from $33.1 million a year earlier despite weaker sales. However, if we use the internationally dominant FIFO inventory valuation method, ...

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 ...

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 ...

Although rising prices increase the cost of your inventory purchases, rising prices affect LIFO (Last-in, First-out) and FIFO (First-in, First-out) inventory values differently. Each inventory ...

With 2021 just ended, many dealers are rubbing their hands in delight over their supersized operating profits while scratching their heads over what to do about last in, first out (LIFO) recapture as ...

The impact of reduced new-vehicle inventories and the resulting LIFO recapture continues to be a major concern for dealers. The National Automobile Dealers Association has been very active for more ...

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 ...

IRC section 1363(d) generally requires a C corporation that elects to become an S corporation to include a “Lifo recapture amount” in its gross income. The amount is the difference between the ...

Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of goods sold with practical examples and methods.