Bogart Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. Bogart’s inventories are reported at $1,004 million on its balance sheet. In its footnotes, Bogart Company is required to report the amount at which inventories would have been reported under FIFO method. The difference between these two numbers is commonly referred to as what?

LIFO reserve

Explanation:

US GAAP standards allow companies to choose between first-in, first-out (FIFO) and last-in, first-out (LIFO) methods, but when reporting LIFO values, the companies must include the LIFO reserve.

The LIFO reserve is an account (although is not included in the balance sheet) that shows the difference between valuation methods.

International Financial Reporting Standards (IFRS) only allow FIFO inventory valuation method.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

answer; at prices that violate government price regulations;