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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]
A common example of this treatment is the management of perishable products in a shelf display: Products with deadlines closest consumption should be used before the other. Foods and pharmaceutical drugs can be sold at a discounted price, and, near the expiration date, they can be destinated to humanitarian aids to the neighbours or to the more ...
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Stock rotation is a way of mitigating stock loss. It is the practice, used in hospitality and retail, especially in food stores such as restaurants and supermarkets, of moving products with an earlier sell-by date to the front of a shelf (or in the cooler if the stored item is on repack so they get worked out before the new product), [1] so they get picked up and sold first, and of moving ...
The best ideas for things to do on New Year's Eve 2024, including fun ways to celebrate at home and inspiring New Year's activities for any age or group size.
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
Advent and Christmas come with many different traditions, including those of the culinary variety. Here's a look at three different food customs from around the world.
Donald Trump will be assuming the office of U.S. president on Jan. 20, 2025, and his return to the role could usher in a wide variety of economic changes. Trump has promised to lower taxes, reduce ...