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The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account, is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method. [2]
For example, relating shipping and storage costs to a specific inventory item becomes difficult. These numbers often need to be estimated, diminishing the specificity advantage of the specific identification method. Thus, this method is generally limited to large, high-ticket items which can be easily identified specifically (such as tract houses).
The most commonly used inventory valuation methods under a perpetual system are: first-in first-out (FIFO) last-in first-out (LIFO) (highest in, first out) (HIFO) average cost or weighted average cost; These methods produce different results because their flow of costs are based upon different assumptions.
FIFO (computing and electronics), a method of queuing or memory management Queue (abstract data type), data abstraction of the queuing concept; FIFO and LIFO accounting, methods used in managing inventory and financial matters
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FIFO and LIFO accounting Stack (abstract data type) , in computing, a collection data structure providing l ast- i n- f irst- o ut semantics; also called a LIFO queue LIFO (education) , a layoff policy
A PDF file is organized using ASCII characters, except for certain elements that may have binary content. The file starts with a header containing a magic number (as a readable string) and the version of the format, for example %PDF-1.7. The format is a subset of a COS ("Carousel" Object Structure) format. [23]
The order in which an element added to or removed from a stack is described as last in, first out, referred to by the acronym LIFO. [ nb 1 ] As with a stack of physical objects, this structure makes it easy to take an item off the top of the stack, but accessing a datum deeper in the stack may require removing multiple other items first.