LIFO Tax Benefit Calculator

LIFO Tax Benefit Calculator:

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Instructions:

Identify the year to date & 20-year average annual historical inflation rates for your company using the tables shown below the calculator
Enter the following values into the blue-colored cells:
- Prior year end inventory balance at cost
- Current year inflation rate: Note – if you don’t have an idea on your current or historical inflation, see inflation rates in the table below & locate a BLS category that matches your primary business activity
- 20-year average annual inflation rate: used to calculate the 20-year projected tax savings
- Combined federal & state tax rate
The green-colored cells will automatically update as soon as all values have been entered into the blue-colored input cells

Note: LIFO is adopted on a prospective basis & LIFO tax savings accrue beginning in the year of the change. Prior period benefits can NOT be retrospectively recaptured. 20 year cumulative taxable income reduction & after-tax cash savings shown in calculator are for analysis purposes only & is provided to project the potential tax savings from LIFO that could occur over the next 20 years based on your current year inventory balance at cost & the historical inflation rates.

BLS PPI Annual Inflation Rate Averages Table for Selected Commodities Through October 2024

PPI Code	BLS PPI Category Description	1M 10/24	YTD 10/24	1YR 10/24	3YR 10/24	5Y 10/24	10YR 10/24	20Y 10/24
01	FARM PRODUCTS	0.1%	1.4%	2.8%	3.7%	6.5%	1.2%	3.1%
011	Fruits & melons, fresh/dry vegs. & nuts	-0.5%	-1.2%	8.4%	2.0%	2.0%	2.2%	1.9%
012	Grains	-1.3%	-17.7%	-17.6%	-10.4%	0.4%	0.8%	3.4%
013	Slaughter livestock	0.5%	15.7%	6.5%	13.1%	11.5%	1.3%	3.8%
014	Slaughter poultry	1.6%	1.3%	13.2%	6.1%	10.7%	1.7%	3.8%
015	Raw cotton	3.2%	-15.8%	-18.2%	-13.8%	1.7%	-0.6%	2.0%
016	Raw milk	14.4%	26.0%	26.4%	17.0%	8.9%	1.0%	3.0%
017	Chicken eggs	-20.6%	46.9%	99.6%	34.8%	29.2%	6.9%	8.1%
018	Hay, hayseeds and oilseeds	-3.6%	-22.9%	-21.2%	-7.4%	1.1%	-0.1%	3.1%
02	PROCESSED FOODS AND FEEDS	-0.5%	3.4%	1.8%	4.0%	4.9%	2.0%	2.9%
021	Cereal and bakery products	0.4%	-0.4%	-0.8%	5.6%	5.0%	2.8%	3.2%
022	Meats, poultry, and fish	-2.0%	7.1%	2.7%	0.5%	5.2%	1.0%	2.7%
023	Dairy products	-0.4%	7.7%	5.7%	5.2%	3.6%	0.6%	2.3%
024	Processed fruits and vegetables	0.6%	1.7%	2.0%	10.2%	7.3%	4.3%	3.9%
025	Sugar and confectionery	0.5%	10.3%	11.3%	8.6%	5.6%	3.2%	3.4%
026	Beverages and beverage materials	0.8%	3.8%	2.6%	6.1%	4.5%	2.9%	2.6%
027	Fats and oils	0.5%	-7.9%	-9.5%	-4.4%	6.4%	2.2%	2.9%
028	Miscellaneous processed foods	-1.1%	1.7%	2.0%	6.4%	5.1%	2.8%	2.8%
029	Prepared animal feeds	0.1%	-4.3%	-5.7%	1.3%	4.2%	1.3%	3.7%
03	TEXTILE PRODUCTS AND APPAREL	0.5%	1.2%	0.4%	3.2%	4.3%	2.5%	2.2%
031	Synthetic fibers	3.6%	4.6%	-0.1%	2.6%	4.8%	3.0%	2.2%
032	Processed yarns and threads	-0.2%	0.7%	-0.2%	1.3%	4.8%	2.3%	2.4%
033	Greige fabrics	-0.2%	-0.7%	-1.3%	3.4%	3.9%	1.8%	2.0%
034	Finished fabrics	0.3%	0.6%	0.9%	3.4%	4.7%	2.8%	2.6%
038	Apparel & other fabricated textile prods	0.2%	1.9%	1.7%	3.9%	3.3%	2.2%	1.9%
039	Miscellaneous textile products/services	-3.5%	-7.0%	-5.3%	4.9%	6.9%	2.4%	2.0%
04	HIDES, SKINS, LEATHER, AND RELATED PRODUCTS	0.5%	-1.0%	-0.7%	-0.6%	1.6%	-2.7%	0.3%
041	Hides and skins, incl. cattle	1.3%	-11.8%	-11.6%	-14.5%	-5.6%	-12.2%	-3.8%
042	Leather	1.1%	-0.8%	-0.5%	-2.6%	2.2%	-4.3%	-0.5%
043	Footwear	0.2%	1.9%	2.0%	5.8%	4.0%	2.9%	2.8%
044	Other leather and related products	0.1%	1.7%	1.9%	3.9%	3.1%	2.4%	2.1%
05	FUELS AND RELATED PRODUCTS AND POWER	1.0%	-0.5%	-10.5%	-1.8%	5.4%	0.8%	2.4%
051	Coal	-2.7%	1.6%	-2.4%	13.0%	7.4%	3.9%	4.9%
053	Gas fuels	10.2%	-14.0%	-16.1%	-25.7%	3.9%	-5.8%	-3.6%
055	Utility natural gas	0.2%	-5.2%	-0.6%	-1.4%	7.4%	2.7%	1.7%
056	Crude petroleum (domestic production)	10.8%	5.5%	-17.7%	-4.0%	6.6%	-1.3%	1.8%
057	Petroleum products, refined	3.1%	-1.6%	-17.5%	-3.3%	5.1%	-0.4%	2.9%
058	Asphalt and other petroleum and coal products, n.e.c.	-2.3%	-9.6%	-28.2%	-3.6%	1.7%	-0.7%	6.2%
06	CHEMICALS AND ALLIED PRODUCTS	0.8%	2.2%	0.5%	0.3%	4.1%	2.1%	3.4%
061	Industrial chemicals	1.3%	2.7%	-2.4%	-2.5%	4.5%	0.6%	2.9%
062	Paints and allied products	-0.1%	0.5%	-0.2%	6.5%	6.4%	3.8%	4.1%
063	Drugs and pharmaceuticals	0.2%	2.3%	2.4%	2.8%	2.4%	3.7%	4.4%
064	Fats and oils, inedible	-0.2%	10.4%	0.9%	-2.3%	12.0%	4.2%	4.9%
065	Agricultural chemicals and chemical products	0.2%	-0.2%	2.5%	-0.8%	6.0%	1.8%	3.4%
066	Plastic resins and materials	3.5%	3.7%	3.0%	-6.0%	3.8%	0.3%	2.3%
067	Other chemicals and allied products	-0.3%	0.9%	0.9%	5.5%	4.6%	2.9%	3.0%
07	RUBBER AND PLASTIC PRODUCTS	0.1%	1.3%	1.4%	3.4%	5.4%	2.9%	3.2%
071	Rubber and rubber products	0.3%	2.4%	2.2%	4.5%	4.7%	2.4%	3.0%
072	Plastic products	0.1%	1.0%	1.2%	3.1%	5.7%	3.1%	3.2%
08	LUMBER AND WOOD PRODUCTS	0.7%	1.1%	0.3%	0.2%	4.8%	2.8%	2.1%
081	Lumber	1.1%	7.3%	3.9%	-3.9%	4.3%	1.9%	1.1%
082	Millwork	0.4%	1.5%	1.1%	2.8%	6.2%	4.3%	3.0%
083	Plywood	1.0%	-4.2%	-5.1%	1.5%	6.8%	2.5%	1.8%
084	Other wood products	0.8%	-3.3%	-1.7%	-1.1%	3.4%	2.6%	2.2%
085	Logs, bolts, timber, pulpwood, woodchips and other roundwood products	-0.1%	-1.4%	-3.3%	-0.5%	1.8%	0.6%	1.4%
086	Prefabricated wood buildings & components	2.4%	1.7%	1.3%	4.2%	7.4%	5.1%	3.3%
087	Treated wood and contract wood preserving	0.4%	-1.1%	-0.9%	5.9%	5.6%	3.0%	2.6%
09	PULP,PAPER, AND ALLIED PRODUCTS	0.1%	3.4%	2.2%	4.1%	5.8%	3.1%	2.7%
091	Pulp, paper, and prod., ex. bldg. paper	-0.2%	4.3%	3.2%	3.2%	5.6%	2.9%	2.9%
092	Building paper & building board mill prods.	0.3%	-10.1%	-22.1%	-7.3%	7.6%	4.4%	2.4%
094	Publications, printed matter & printing material	0.6%	2.5%	2.8%	7.9%	6.1%	3.6%
10	METALS AND METAL PRODUCTS	0.7%	-0.7%	1.3%	-1.7%	7.4%	3.7%	3.4%
101	Iron and steel	0.4%	-10.3%	-6.8%	-11.0%	7.6%	2.5%	2.5%
102	Nonferrous metals	2.7%	9.3%	11.4%	2.0%	7.8%	3.9%	4.4%
103	Metal containers	-0.4%	0.6%	-0.1%	5.7%	6.7%	4.0%	3.3%
104	Hardware	0.5%	0.2%	0.0%	3.7%	5.0%	3.2%	2.8%
105	Plumbing fixtures and fittings	0.0%	1.6%	1.6%	4.4%	3.7%	3.0%	3.0%
106	Heating equipment	0.1%	2.3%	2.5%	6.9%	7.3%	5.0%	4.3%
107	Fabricated structural metal products	-0.5%	-2.0%	-0.4%	3.2%	8.8%	5.3%	3.8%
108	Miscellaneous metal products	-0.1%	2.5%	2.8%	4.9%	5.3%	3.2%	2.6%
11	MACHINERY AND EQUIPMENT	0.1%	2.6%	2.8%	5.6%	4.6%	2.8%	1.9%
111	Agricultural machinery and equipment	0.5%	0.7%	0.3%	6.1%	6.2%	3.8%	3.3%
112	Construction machinery and equipment	0.1%	0.9%	2.6%	6.7%	5.6%	3.6%	3.2%
113	Metalworking machinery and equipment	0.6%	3.4%	3.8%	6.2%	4.9%	3.1%	2.5%
114	General purpose machinery and equipment	0.0%	3.2%	3.0%	7.7%	6.7%	4.4%	3.8%
115	Electronic computers and computer equipment	-0.1%	2.3%	3.2%	56.6%	30.9%	12.7%	2.9%
116	Special industry machinery and equipment	0.1%	2.8%	2.9%	6.3%	6.1%	3.7%	2.6%
117	Electrical machinery and equipment	0.2%	2.4%	2.6%	4.0%	3.4%	1.9%	1.0%
118	Miscellaneous instruments	0.1%	3.4%	3.7%	6.3%	4.5%	3.1%	2.4%
119	Miscellaneous machinery	-0.1%	2.6%	2.8%	4.8%	3.6%	2.2%	2.3%
12	FURNITURE AND HOUSEHOLD DURABLES	0.4%	1.5%	1.6%	4.0%	4.6%	3.1%	2.5%
121	Household furniture	-0.2%	1.4%	2.0%	3.2%	4.4%	3.1%	2.7%
122	Commercial furniture	0.0%	2.9%	3.2%	6.0%	6.3%	4.2%	3.3%
123	Floor coverings	3.4%	3.5%	1.0%	1.4%	2.0%	1.7%	2.3%
124	Household appliances	0.4%	-1.0%	-0.5%	3.5%	3.9%	2.5%	2.0%
125	Home electronic equipment	0.0%	1.5%	1.6%	3.8%	3.8%	2.1%	0.0%
126	Other household durable goods	0.0%	1.1%	1.3%	3.7%	4.4%	2.8%	2.2%
13	NONMETALIC MINERAL PRODUCTS	0.0%	3.8%	3.7%	7.6%	6.3%	4.4%	4.0%
131	Glass	-0.5%	1.4%	2.2%	4.3%	4.5%	3.6%	2.3%
132	Concrete ingredients and related products	-0.1%	6.7%	6.6%	9.0%	7.0%	5.5%	4.7%
133	Concrete products	-0.3%	3.4%	2.9%	9.1%	7.2%	5.3%	4.3%
134	Clay construction products ex. refractories	-0.1%	0.5%	0.9%	4.7%	4.3%	2.7%	2.0%
135	Refractories	0.5%	1.7%	2.0%	5.5%	4.4%	3.6%	3.9%
136	Asphalt felts and coatings	2.2%	2.4%	2.4%	6.8%	7.5%	3.8%	5.5%
137	Gypsum products	0.0%	5.0%	4.7%	6.3%	8.4%	5.0%	4.1%
138	Glass containers	0.1%	7.5%	6.6%	9.5%	7.1%	4.3%	3.6%
139	Other nonmetallic minerals	0.1%	3.3%	3.4%	6.9%	5.2%	2.9%	3.9%
14	TRANSPORTATION EQUIPMENT	0.3%	1.5%	1.6%	2.9%	2.5%	1.7%	1.6%
141	Motor vehicles and equipment	0.5%	0.9%	0.9%	2.5%	2.4%	1.6%	1.2%
142	Aircraft and aircraft equipment	0.0%	3.3%	3.6%	3.9%	2.8%	2.0%	2.3%
143	Ships and boats	-0.2%	1.5%	1.7%	3.6%	3.2%	2.4%	2.5%
144	Railroad equipment	-0.8%	0.2%	0.2%	1.4%	1.2%	0.9%	2.0%
149	Transportation equipment, n.e.c.	0.0%	-1.5%	-1.9%	2.9%	3.2%	2.5%	1.8%
15	MISCELLANEOUS PRODUCTS	0.0%	4.7%	5.2%	6.4%	5.6%	4.1%	3.4%
151	Toys, sporting goods, small arms, etc.	0.1%	3.1%	4.4%	6.8%	6.0%	3.6%	2.6%
152	Tobacco products, incl. stemmed & redried	0.4%	9.6%	9.5%	10.6%	9.4%	7.5%	6.1%
153	Notions	0.0%	-0.1%	1.7%	5.1%	5.0%	3.1%	3.6%
154	Photographic equipment and supplies	-5.9%	-0.9%	-0.2%	4.4%	4.1%	2.9%	2.6%
155	Mobile homes	0.1%	1.5%	-0.6%	2.9%	8.3%	6.2%	4.7%
156	Medical, surgical & personal aid devices	-0.1%	1.7%	2.2%	2.9%	2.2%	1.6%	1.3%
157	Other industrial safety equipment	0.2%	3.6%	3.8%	6.5%	5.6%	3.2%	2.4%
159	Other miscellaneous products	0.5%	5.0%	5.9%	7.3%	6.3%	4.3%	3.1%

BLS CPI Historical Annual Inflation Rate Averages Through October 2024 Table for Selected Categories

BLS CPI Code	BLS CPI Category Description	1M 10/24	1Y 10/24	3Y 10/24	5Y 10/24	10Y 10/24	20Y 10/24
SAF	FOOD & BEVERAGES	0.2%	2.2%	2.1%	5.3%	4.9%	2.4%
SAF11	Food at home	0.1%	1.7%	1.1%	5.1%	4.9%	2.4%
SAF114	Nonalcoholic beverages & beverage materials	0.5%	2.2%	1.7%	5.8%	5.3%	2.6%
SEFN	Juices & nonalcoholic drinks	0.7%	2.2%	2.0%	6.1%	5.7%	2.8%
SEFN01	Carbonated drinks	0.7%	2.7%	2.3%	6.1%	6.3%	3.1%
SEFN03	Nonfrozen noncarbonated juices & drinks	0.7%	1.5%	1.5%	5.9%	5.1%	2.5%
SEFP	Beverage materials including coffee & tea	0.1%	2.4%	1.1%	5.1%	4.2%	2.1%
SEFP01	Coffee	0.7%	2.4%	-0.1%	4.8%	4.3%	2.1%
SEFP02	Other beverage materials including tea	-0.7%	2.3%	3.0%	5.5%	4.2%	2.1%
SAF115	Other food at home	0.2%	1.1%	0.4%	6.3%	5.3%	2.6%
SEFT06	Other miscellaneous foods	0.7%	0.4%	0.4%	6.0%	5.3%	2.6%
SEFW	Alcoholic beverages at home	-0.2%	1.6%	1.1%	2.5%	2.2%	1.1%
SEFW01	Beer, ale & other malt beverages at home	0.1%	2.7%	2.6%	4.4%	3.6%	1.8%
SEFW02	Distilled spirits at home	-0.4%	0.7%	0.1%	0.9%	1.8%	0.9%
SEFW03	Wine at home	-0.3%	1.1%	0.3%	1.5%	1.2%	0.6%
SEHE	FUEL OIL & OTHER FUELS	1.6%	-7.1%	-11.9%	1.8%	5.1%	2.5%
SAH3	HOUSEHOLD FURNISHINGS & OPERATIONS	-0.1%	0.8%	-0.6%	3.1%	3.5%	1.7%
SAA	APPAREL	-1.7%	5.9%	0.3%	2.3%	1.1%	0.5%
SAM1	MEDICAL CARE COMMODITIES	-0.2%	0.6%	1.0%	2.9%	1.5%	0.7%
SEMF	Medicinal drugs	-0.2%	0.6%	0.9%	2.8%	1.5%	0.7%
SEMF01	Prescription drugs	0.2%	1.5%	1.6%	2.3%	1.2%	0.6%
SEMF02	Nonprescription drugs	-1.1%	-1.0%	-0.5%	4.1%	2.2%	1.1%
SEMG	Medical equipment and supplies	0.0%	0.3%	2.1%	4.5%	1.7%	0.8%
SAR	RECREATION	0.3%	1.0%	1.0%	2.8%	2.7%	1.3%
SEEA	EDUCATIONAL BOOKS & SUPPLIES		2.5%	2.5%	1.3%	1.0%	0.5%
SEGA	TOBACCO & SMOKING PRODUCTS	0.6%	5.7%	6.8%	6.9%	6.7%	3.3%
SEGB	PERSONAL CARE PRODUCTS	0.3%	1.7%	0.0%	3.9%	2.2%	1.1%
SEGE	MISCELLANEOUS PERSONAL GOODS	1.5%	-1.3%	-2.4%	3.1%	2.4%	1.2%
SAG	OTHER GOODS AND SERVICES	0.4%	3.3%	3.3%	5.3%	4.4%	2.2%
SERE	Other recreational goods	-1.0%	-1.2%	-2.8%	-0.4%	-1.0%	-0.5%
SERG	Recreational reading materials	3.4%	4.2%	3.5%	2.7%	2.6%	1.3%

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