Transcription of The LIFO Inventory Training Basics & Audit Guide
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The LIFO Inventory Training Basics & Audit Guide
The LIFO Inventory Training Basics & Audit Guide Prepared by LIFO-PRO, INC. LIFO Software | LIFO Services 920 South 107th Ave., Suite 301 Omaha, NE 68114 (402)330-8573(877) 848-6583 of Contents Section 1: LIFO Training Basics Chapter # Name 1 LIFO Method Definition & Overview 2 Glossary of LIFO-Related Terms 3 LIFO Methods Alternatives 4 LIFO Calculation Steps 5 Common LIFO Misconceptions 6 Use of Different LIFO Methods for Financial Reporting v. Tax Purposes 7 Additional LIFO Resources Section 2: The LIFO Audit Guide Chapter # Name 1 2 3 4 5 6 LIFO Errors Defined The Sources of LIFO Rules Rules Requiring Audit " of LIFO Methods & CalculationsThe LIFO Audit Guide Suggested Content for LIFO Policies & Procedures Document Potential LIFO Errors & Controls to Prevent LIFO Errors Appendix Section Name A Sample LIFO Calculation Reports B Examples of LIFO v. FIFO cost flow C Sample LIFO Policies & Procedures Document Section 1: LIFO Training Basics 1 Chapter 1 LIFO Method Definition & Overview 1 - Chapter 1 - Page 1 Chapter 1: LIFO Method Definition & Overview LIFO is an acronym for last-in, first-out.
The LIFO Inventory Training Basics & Audit Guide Prepared by. LIFO-PRO, INC. LIFO Software | LIFO Services . 920 South 107. th. Ave., Suite 301 . Omaha, NE 68114
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