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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]
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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.
Physical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked.
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