Determining the cost or valuation of inventory held in a company is an important management task. Inventory often represents a large portion of total assets on the balance sheet and the method used to ...

QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, despite not being recognized by GAAP.

Home Depot, Inc. announced a key change in accounting principals in its third quarter filing with the SEC. After adopting a new enterprise resource planning system, otherwise known in the ...

Discover the importance of LIFO Reserve in accounting, including its calculation, comparison with FIFO, and impact on taxes. Learn how it improves financial analysis.

Many retailers have used the LIFO (last in, first out) accounting method to manage their inventory reporting. The methods assumes that the last unit to arrive in inventory (the most recent) is sold ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

Retailers are trying to manage cost increases from President Donald Trump's tariffs. A practice known as retail inventory method accounting could affect how higher costs show up in companies' profit ...