Inventory Stock Sheet
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• Impact of LIFO and FIFO in periods of rising prices Cost of goods sold Income before taxes Income taxes Net income Cash flows Inventory balance Working capital LIFO Higher Lower Lower Lower Higher Lower Lower FIFO Lower Higher Higher Higher Lower Higher Higher Inventory - 2 Inventory example Opening inventory 1st unit purchased 2nd unit purchased 10 11 12 Balance Sheet Cash Inventory 50 10 60 Equity 60 Sell 1 unit for 24 FIFO Wtd Avg LIFO FIFO Wtd Avg LIFO Revenues COGS Gross Profit GP Margin Balance Sheet Cash Inventory Equity CFO Introduce taxes 20 Revenues COGS Gross Profit Taxes Net Income Balance Sheet Cash Inventory Equity CFO Inventory - 3 Informational implications LIFO -- closest to current cost on I/S -- furthest from current cost on B/S FIFO -- furthest from current cost on I/S -- closest to current cost on B/S Weighted average -- best or worst of both world -- actually closest to FIFO RISING PRICES -- PRAGMATIC CONSIDERATIONS When LIFO is a permitted method for income taxes, lower income translates into lower taxes and thus higher cash flows..
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