LIFO


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LIFO

[′lī‚fō]
(industrial engineering)
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.

LIFO

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LIFO

(Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO.
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References in periodicals archive ?
Excluding a LIFO provision that rose 129.7% to $13.8 million, FIFO gross margin declined 96 basis points to 27.63%.
Stripping out LIFO and all other special items in both periods, adjusted operating profit advanced 17% to $416.6 million.
1.1363-2(e)(1), a taxpayer must adjust the basis of its inventory to reflect the amount of LIFO recapture included in income.
The IRS tax conformity rule IRC [section] 472(c) requires that companies using LIFO for tax purposes have to use LIFO for income measurement in financial accounting, too.
The criticisms of LIFO as a financial reporting method are well known; they include the contention that LIFO creates inefficiencies in business operations and may facilitate earnings management (Edward D Kleinbard, George A.
One can argue in theory that businesses are run by cat cats just getting fatter by such tax loopholes as LIFO. It's true that some big businesses benefit greatly from the provision, but reality also tells a different story since the vast majority of American businesses benefiting from the provision have used those dollars simply to remain in business, and employ Americans so they can pay taxes.
Implement a LIFO approach, and the perception is just the opposite: callers know they'll sometimes have to wait, but also know the chance is good that service will be rather quick, if not immediate.
It's not clear how many companies would be affected; while a 2006 study found just 12% of publicly traded companies use LIFO, there are no good statistics on private companies.
The ACAS guide Age and the Workplace says that "practices such as last in first out (LIFO) and using length of service in any selection criteria are likely to be age discriminatory".