LIFOPro’s 2024 Top LIFO Election Candidates Guide
View/Download the PDF report version of this guide or our 2024 Top LIFO Candidates List Excel file by clicking the buttons below! LIFOPro’s 2024 Top LIFO Election Candidates List LIFOPro’s 2024 top LIFO election candidates list provides you with the ability to quickly accomplish the following: Determine if a company or industry is a good […]
View full articleLIFOPro’s 2024 LIFO Opportunities & Strategies Guide
View/Download the PDF report version of this guide or our 2024 Top LIFO Candidates List Excel file by clicking the buttons below! 2024 Top LIFO Tax Savings Opportunities Abound Although inflation has returned to a more normalized level, there are many industries with inflation at or above the historical levels & will be good LIFO […]
View full articleUse of External Inflation Indexes for Financial Reporting
Dollar-value LIFO Background The vast majority of companies on LIFO use what’s called the dollar-value method. Under this method, LIFO is essentially treated as an annual top-side adjustment to account for the change in the current vs. prior period’s LIFO reserve and to convert the year end inventory balance from cost to its LIFO value. […]
View full articleFinancial Reporting & Tax Treatment of Change to LIFO Method
Tax Treatment of Change to LIFO For tax purposes, the IRS allows all taxpayers to use LIFO method, and establishing preferability regarding the use of LIFO is not required. The tax requirements incident with and subsequent to a LIFO election are as follows: LIFO must be applied as a cutoff change, meaning it’s to be […]
View full articleDecember 2024 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released December 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items fell saw no change in the last month and increased 2.9% in the last twelve months Food at home rose 0.1% from November and increased 1.8% since […]
View full articleDecember 2024 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released December Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 1.1% in the last month and rose 9.1% in the last twelve months Processed foods + feeds fell 0.2% from November and increased 4.0% since December 2023 Textile […]
View full articleNovember 2024 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released November Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 6.4% in the last month and rose 6.2% in the last twelve months Processed foods + feeds rose 0.8% from October and increased 3.6% since November 2023 Textile […]
View full articleNovember 2024 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released November 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items fell 0.1% in the last month and increased 2.7% in the last twelve months Food at home decreased 0.1% from October and rose 1.6% since November 2023 […]
View full articleOctober 2024 PPI Release Highlights
The Bureau of Labor Statistics (BLS) released October Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 0.1% in the last month and rose 2.8% in the last twelve months Processed foods + feeds fell 0.5% from September and increased 1.8% since October 2023 Textile […]
View full articleOctober 2024 CPI Release Highlights
The Bureau of Labor Statistics (BLS) released October 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.1% in the last month and increased 2.6% in the last twelve months Food at home increased 0.1% from September and rose 1.1% since October 2023 […]
View full article2024 Updated PPI Table 9 Category Name File Released
LIFOPro has completed the annual updates to the Excel file used by LIFOPro clients for populating BLS PPI Table 9 category names via VLOOKUP formulas in their inventory detail files. LIFOPro clients should use the email received containing the Complete Table 9 PPI Category Name file download link to obtain the updated file (feel free […]
View full articleInternal Index Module Specs & Features
Internal Index Module Specs & Features for LIFOPro Software Users The LIFOPro software Internal Index Module (iiModule) is an invaluable resource for American companies and CPA firms. Software users don’t need to worry about common LIFO errors and inefficiencies that plague most manual calculations. The resources listed below are intended to highlight and explain the […]
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