We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
LIFO costing for inventory: A key area of nonconvergence.
- Authors
Henry, Elaine; Holzmann, Oscar J.
- Abstract
The article focuses on the last in, first out (LIFO) accounting system. It states that under the LIFO system of accounting, cost of goods sold represents the cost of the company's most recently purchased inventory and inventory represents the costs of the earlier purchases. It informs that the U.S. tax code has given the authorization to the taxpayers to use LIFO inventory accounting and also specifies the condition that the same inventory accounting must be used in its financial reporting.
- Subjects
UNITED States; LAST in, first out (Accounting); COST of sales; INVENTORY accounting; FINANCIAL statements
- Publication
Journal of Corporate Accounting & Finance (Wiley), 2010, Vol 21, Issue 5, p73
- ISSN
1044-8136
- Publication type
Article
- DOI
10.1002/jcaf.20615