The Uncertain Future of LIFO.

LIFO, the accounting concept of "last-in, first-out" inventory costing, started in the early 20th century and saw remarkable expansion within several industries within the Unites States. Use of LIFO has been particularly dominant within the American oil and gas industry. However, recent political and cultural forces may see the end of this highly utilized principle of accounting practice. This paper tracks the history of LIFO, analyzes the possible changes to the methodology, and advocates for a broad-spectrum preparation against seemingly likely changes to this basic accounting procedure. [ABSTRACT FROM AUTHOR]