The Bureau of Labor Statistics (BLS) released November 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.5% in the last month and increased 6.8% in the last twelve months. Commodities, less food + energy commodities, increased 0.6% from October 2021 and rose 57.5% since November 2020. Energy commodities increased 2.8% in the […]
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 20 year average annual inflation rate: used to calculate the 20 year […]
Machinery & Equipment Dealer LIFO Overview Many machinery & equipment dealers use LIFO because of the consistent long-term historical inflation Majority of machinery & equipment dealers on LIFO have use external indexes & Bureau of Labor Statistics Producer Price Indexes (BLS PPI), which is also known as the IPIC method IPIC method most predominantly used […]
LIFOPro offers turnkey outsourcing solutions to allow companies to outsource all LIFO-related work to us! Listed below are the key steps to streamlining the analysis, calculation & implementation steps required to elect LIFO in the year of adoption. With our outsourcing model, companies can obtain material tax benefits from electing LIFO in the following four […]
How can CPA firms easily identify clients that could be good LIFO candidates? Top LIFO Candidates List Excel File Two separate Excel sheets containing a list of the best industries, commodities & items to recommend LIFO elections for your clients Top LIFO candidates by Industry – List of 34 Industry-based candidates. Includes year to date […]
For companies considering adopting the use of the LIFO method, there are many options available to chose from in order to implement LIFO & perform the calculation. One of the most fundamental options is the LIFO index computation method chosen. The two options available are as follows: Dollar value method – A shortcut cost flow method […]
The Bureau of Labor Statistics (BLS) released October 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.8% in the last month and increased 6.2% in the last twelve months. Commodities, les food and energy, increased 1.2% from September 2021 and rose 8.4% since October 2020. Motor fuel increased 3.7% in the last […]
The Bureau of Labor Statistics (BLS) released October 2021 Producer Price Index (PPI) today. The all commodities index rose 2.0% in the last month and increased 22.2% in the last twelve months. Processed foods + feeds decreased 0.6% from September 2021 and rose 14.0% since October 2020. Cereal and bakery products rose 1.4% in the […]
The Bureau of Labor Statistics (BLS) released September 2021 Producer Price Index (PPI) today. The all commodities index rose 1.1% in the last month and increased 20.4% in the last twelve months. Processed foods + feeds increased 1.3% from August 2021 and rose 14.0% since September 2020. Meats increased 3.2% in the last month and […]
The Bureau of Labor Statistics (BLS) released September 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.3% in the last month and increased 5.4% in the last twelve months. Commodities, less food and energy commodities, increased 0.1% from August 2021 and rose 7.3% from September 2020. Food increased 0.8% in the last […]
The Bureau of Labor Statistics (BLS) released August 2021 Consumer Price Indexes (CPI) today. The all items index rose 0.2% over the last month and increased 5.3% in the last twelve months. All items, less food + energy, rose 0.1% from July 2021 and increased by 4.0% since August 2020. Food at home increased 0.3% […]
The Bureau of Labor Statistics (BLS) released August 2021 Producer Price Index (PPI) today. The all commodities index rose 0.7% in the last month and increased 19.9% in the last twelve months. Farm products increased 0.6% from July 2021 and rose 36.6% since August 2020. Processed foods and feeds rose 2.2% in the last month […]
