Intermediate Accounting 14th Edition

by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.

Published by Wiley

ISBN 10: 0470587237

ISBN 13: 978-0-47058-723-2

Chapter 8 - Valuation of Inventories: A Cost-Basis Approach - Questions - Page 469: 18c

Answer

LIFO effect refers to the change in the LIFO reserve (Allowance to Reduce Inventory to LIFO) from one period to the next.

Work Step by Step

Where by LIFO reserve is refers to the difference between the inventory method used for internal purposes and LIFO

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