FIFO or LIFO

Essay specific features

 

Issue:

Business

 

Written by:

Alan B

 

Date added:

November 16, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1381

 

Was viewed:

1318 times

 

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Essay content:

Thus, in times of rising inventory prices, the LIFO method results in lower net incomes and also lower values in the current assets. The only advantage to choosing this method is the lower tax expenses based on the lower income. The American tax code requires the use of the LIFO method for financial reporting purposes if that method is used for tax purposes...
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The only advantage to choosing this method is the lower tax expenses based on the lower income. The American tax code requires the use of the LIFO method for financial reporting purposes if that method is used for tax purposes. When used for tax purposes, LIFO with its lower reported incomes correspondingly results in substantial tax savings for companies with large amounts of inventories, typically most large merchandising and manufacturing companies in the economy...
displayed 300 characters

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