lifo summary-team c

lifo summary-team c - Rush To Defend Rush To Defend Lisa...

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Rush To Defend Rush To Defend Lisa Gotwols, Heather Hall, Erica Kena, Randi Padavano ACC 545 Michael Arnone September 5, 2011
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Rush To Defend Since the 1930’s, the Internal Revenue Service (IRS) has allowed last-in first-out (LIFO) as an acceptable inventory valuation method of determining cost of goods sold. The remaining amount after using LIFO discloses the income earned by a specific company. This income amount is used to determine the taxes that are due for that year, in essence the taxable income. Although this method does not reflect the actual flow of goods it is nevertheless an acceptable method. This method of accounting for inventory is currently at stake and under negotiations between President Obama and Congress to be prohibited and therefore removed as an acceptable method. The Obama government is looking for areas to raise revenue in his proposed budget, and one of the proposals on the table is repealing LIFO Inventory method. He projects this change would result in $65 to $95 billion in revenue
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lifo summary-team c - Rush To Defend Rush To Defend Lisa...

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