ibin424 ibin424

28-10-2022
Business

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the cumulative difference between reporting inventory at lifo rather than fifo is commonly referred to as the

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okpalawalter8 okpalawalter8

31-10-2022

The cumulative difference between reporting inventory at LIFO rather than FIFO is commonly referred to as the LIFO reserve

What is LIFO reserve?

Generally, LIFO reserve is an accounting term that represents the difference between the cost of inventory calculated using the first-in, first-out (FIFO) method and the cost calculated using the last-in, first-out (LIFO) method for the purposes of bookkeeping.

In conclusion, The LIFO reserve is a term that is widely used to refer to the accumulated discrepancy that results from reporting inventory using the LIFO method rather than the FIFO method.

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