fifo and lifo

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husted67

Mar 29, 2007, 08:09 AM

Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule?

tickle

Mar 29, 2007, 08:23 AM

I am not familiar with 'fifo' and 'lifo'. Can you entlighten me as to what this means ?

CaptainForest

Mar 29, 2007, 01:33 PM

In Canada, NO you can not since you may not use LIFO for Tax Purposes.

In the USA however, I am pretty sure you can.

AtlantaTaxExpert

Apr 4, 2007, 10:24 AM

FYI:

LIFO means Last In, First Out.

FIFO means First In, First Out.