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ACC305 Wk 4 Communication Case 8-4 on page 442.doc

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 ! "
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 !"$"$%&'(''(")
&'(*!+''(!,
" ,,
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-./
0!! 
&'(''("
_______ Describes the differential effect on ending inventory
and cost of goods sold of using FIFO versus LIFO
when
_______ Prices are increasing.
_______ Prices are decreasing.
________ 25 Discusses the various motivating factors that
might influence the choice of inventory method.
_______ The actual physical flow of product.
_______ The better match of expenses with revenues
provided by LIFO.
_______ The effect on the balance sheet.
_______ The effect on reported income and income
taxes.
_______ The cost of implementation of LIFO.
________ 10 Discusses briefly the methods available to
simplify LIFO.
________ 15 Discusses the IRS conformity rule with respect to
LIFO and the relaxation of the rule that allows a
a company using LIFO to present supplemental
non-LIFO disclosures.

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