ACC
Terms
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- LIFO to FIFO
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1. Add Lifo Reserve balance to Inventory balance to restate Inventory to its FIFO value.
2. Assume an income tax rate and increase the Income Taxes Payable by this rate times the balance in the LIFO Reserve.
3. Add 100% minus the tax rate times the balance in the LIFO Reserve to Retained Earnings to balance the balance sheet
4. Subtract the change in the LIFO Reserve account from Cost of Goods Sold to get Costs of Goods Sold at FIFO. - GPP
- Gp/Total Sales Revenue
- Inventory turnover ration
- Cost of goods sold/Ave inventory
- Current Costs
- Always FIFO
- New Depletion Rate
- Book value at start of the year of change/Estimated remaining units
- Age
- Accum depreciation/Depreciation Expense
- Useful Life
- Original cost/Depreciation Expense
- Total Asset Turnover
- Revenue/Average Total Costs