One of the primary benefits of using FIFO when inventory costs are rising is that it results in greater tax savings.
22. The LIFO conformity rule requires a company that uses LIFO for tax reporting to use FIFO for financial reporting.
23. The LIFO difference (reserve) is the additional amount of inventory a company would report if it used FIFO instead of LIFO.
24. Using a perpetual inventory system, the purchase of inventory is recorded with a debit to the Purchases account, which is a temporary account closed to cost of goods sold at the end of the period.
25. For inventory that is shipped FOB destination, title transfers from the seller to the buyer once the seller ships the inventory.
26. For inventory that is shipped FOB shipping point, title transfers from the seller to the buyer once the seller ships the inventory.
27. Freight-in is included in the cost of inventory.
28. At the time inventory is sold, cost of goods sold is recorded under the perpetual inventory system.
29. When the value of inventory falls below its cost, companies have the option of recording the inventory at cost or the lower market value.
30. When the market value of inventory falls below its cost, no adjustment to the accounting records is needed.
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