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Start Over Author "Welton, Ralph E." Journal management accounting (usa)
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1. LIFO-FIFO: a simple solution to inventory disclosure problems

Author

Welton, Ralph E., Friedlob, Thomas, Gray, F. Ray, and Sloan, James D.

Subjects
Inventory control -- Methods, Tax accounting -- Accounting and auditing, Accounting -- Methods, Banking, finance and accounting industries, Business, Business, general
Abstract

Accounting theory favors last-in, first-out (LIFO) usage in the income statement, but first-in-, first-out (FIFO) in the balance sheet. FIFO simulates the physical flow of goods but LIFO is better for current costing. Changes in tax laws since 1979 have caused rethinking on the use of these systems, examples of which are provided.

Published
1987

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