™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what LIFO means. If we can be of more help explaining whatLIFO is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-552-6657(888-55Books)™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what LIFO means:

LIFO mean Last In First Out.

LIFO is a method for tracking the value of inventory. With the use of LIFO, the cost of goods sold is based on the cost of the newest inventory on record. For most assets, the newest inventory is the most expensive.

As a result, the LIFO inventory method causes the highest value for Cost of Goods Sold, the lowest income levels, the lowest taxes, and the highest value for the remaining inventory reported on the balance sheet.

Need more information or help? Don’t hesitate to give us a call right now at 888-55Books.

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