dontknow1987
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- Jun 18, 2026
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Can someone throw some light on LIFO liquidation?
Is it like selling away the accumulated inventory under LIFO?
Is it like selling away the accumulated inventory under LIFO?
LIFO Liquidation
- Thread starter dontknow1987
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Cinderella
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- Jun 18, 2026
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Its when you sell more units than you purchase during the year. It was in Level I last year but I don’t think its there this year.
LIFO Reserve?
Last in First Out:
Commonly used in industries where it’s physical impossible to take the first inventory - like a pile of logs or mound of gravel. Will show a more accurate COGs than FIFO, but a poorer representation of Inventory on the financial statements. This is why the LIFO Reserve exists to reconcile to FIFO for B/S purposes.
I really didn’t understand your question. Accumulated Inventory? LIFO Liquidation? Anyway I hope this helps if not and you can clarify the question I will try to give a better answer.
Last in First Out:
Commonly used in industries where it’s physical impossible to take the first inventory - like a pile of logs or mound of gravel. Will show a more accurate COGs than FIFO, but a poorer representation of Inventory on the financial statements. This is why the LIFO Reserve exists to reconcile to FIFO for B/S purposes.
I really didn’t understand your question. Accumulated Inventory? LIFO Liquidation? Anyway I hope this helps if not and you can clarify the question I will try to give a better answer.
http://www.investopedia.com/terms/l/lifoliquidation.asp
Anyway, it’s been moved to lvl 2 as of this year, along with Asset Retirement Obligation from Long Lived Assets reading so 2 less things, at least for now
Anyway, it’s been moved to lvl 2 as of this year, along with Asset Retirement Obligation from Long Lived Assets reading so 2 less things, at least for now