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The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account, is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method. [2]
The term is used in supply chain management, and WIP is a key input for calculating inventory on a company's balance sheet. In lean thinking , inappropriate processing or excessive processing of goods or work in process, "doing more than is necessary", is seen as one of the seven wastes (Japanese term: muda ) which do not add value to a product.
Inventory may also cause significant tax expenses, depending on particular countries' laws regarding depreciation of inventory, as in Thor Power Tool Company v. Commissioner. Inventory appears as a current asset on an organization's balance sheet because the organization can, in principle, turn it into cash by selling it. Some organizations ...
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Best practices. The Arab Republic of Egypt was among the top ten global Doing Business reformers in four of the seven years from 2003 to 2010. [1] In Doing Business 2006, Egypt ranked 6th globally on reforms, and in 2007 it ranked 1st, after reforming in five out of ten areas that were studied, jumping 26 places in one year as reported in Doing Business 2008.
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In ancient Egypt, the cattle count was one of the two main means of evaluating the amount of taxes to be levied, the other one being the height of the annual inundation. A very important economic event, the cattle count was controlled by high officials, and was connected to several cultic feasts. In addition it served as a means of dating other ...
Location of Egypt. Egypt is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula.Egypt's economy depends mainly on agriculture, media, petroleum imports, natural gas, and tourism; there are also more than three million Egyptians working abroad, mainly in Saudi Arabia, the Persian Gulf and Europe.