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Model 204 is commonly used in government and military applications. [8] [9] [10]It was used commercially in the UK by Marks & Spencer. [citation needed] It was also used at the Ventura County Property Tax system in California, [11] the Harris County, Texas, Justice Information Management System, [12] and in the New York City Department of Education's Automate The Schools system.
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.
EOQ applies only when demand for a product is constant over a period of time (such as a year) and each new order is delivered in full when inventory reaches zero. There is a fixed cost for each order placed, regardless of the quantity of items ordered; an order is assumed to contain only one type of inventory item.
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Thor Power Tool Company v. Commissioner, 439 U.S. 522 (1979), was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory.