LIFO Reserve: Definition, Formula Example, And How Does it Work
By adding the LIFO reserve to the LIFO inventory, the resultant figure would depict what the inventory valuation would be like if FIFO method was used instead. Likewise, subtracting the LIFO reserve from the LIFO-based COGS provides the COGS as if calculated under FIFO. As a result, the LIFO reserve aids in achieving a more […]
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