Companies that hold inventory must have a structured way of managing it. When the production or sales departments need material from inventory, they can either take it from the most recently purchased ...

Businesses can choose from a variety of methods to account for inventory. Each method affects the cost of goods sold, or COGS, and the cost of ending inventory. One of the methods is called "last in, ...

In a recent article, Edward D. Kleinbard, George A. Plesko, and Corey M. Goodman argue that last-in, first-out inventory accounting gives an undue tax preference to inventories and should be ...

The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to help businesses facing foreign trade obstacles to maintaining inventory during the pandemic. Processing ...