FIFO 및 LIFO 회계

다음에 대한 시리즈 일부
회계
역사적원가 지속적인 구매력 관리 세금
주요종류 회계 감사 예산 비용 법의학 금융 펀드 정부 관리 사교적인 세금
주요개념 회계기간 발생 지속적인 구매력 경제주체 공정가치 진행관계자 역사적원가 매칭 원리 물질성 수익인식 회계단위
선택한 계정 자산 현금 판매원가 감가상각/상각 자기 자본 경비 호의 부채 이익 수익
회계기준 일반적으로 인정되는 원칙 일반적으로 인정되는 감사기준 수렴 국제재무보고기준 국제감사표준 경영회계원칙
재무제표 연차보고서 대차대조표 현금흐름 자기 자본 수입 경영토론 재무제표에 대한 주석
경리 은행화합 차변 및 대변 이중 입력 시스템 FIFO 및 LIFO 저널 원장 / 일반원장 T계정 시험잔액
감사 금융 내부 회사 보고하다
사람과 조직 회계사 회계조직 루카 파치올리
개발 역사 리서치 포지티브회계 사르베인-옥슬리 법
부정행위 크리에이티브 수익관리 오류계정 할리우드 오프밸런스 시트 책 두 권
v t

FIFO와 LIFO 회계는 기업이 생산품, 원자재, 부품, 부품 또는 피드스톡의 재고자산 내에서 묶어야 하는 금액과 관련된 재고 및 재무 문제를 관리하는 데 사용되는 방법이다. 그들은 재고자산, 재고자산 재매입(다른 가격으로 매입하는 경우), 그리고 다양한 다른 회계목적과 관련된 원가에 대한 가정을 관리하는 데 사용된다. 다음 방정식은 재고원가법을 결정할 때 유용하다.

${\displaystyle {\text{Initial Inventory Balance}+{\text{Purchased(또는 제조) Inventory}}=}$

${\displaystyle {\text{Inventory Sold}}+{\text{Ending Inventory Balance}}}$

FIFO

"FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first (but this does not necessarily mean that the exact oldest physical object has been tracked and sold). In other words, the cost associated with the inventory that was purchased first is the cost expensed first.

A company might use the LIFO method for accounting purposes, even if it uses FIFO for inventory management purposes (i.e., for the actual storage, shelving, and sale of its merchandise). For example, a company that sells many perishable goods, such as a supermarket chain, is likely to follow the FIFO method when managing inventory, to ensure that goods with earlier expiration dates are sold before goods with later expiration dates. However, this does not preclude that same company from accounting for its merchandise with the LIFO method.

With FIFO, the cost of inventory reported on the balance sheet represents the cost of the inventory most recently purchased. FIFO most closely mimics the flow of inventory, as businesses are far more likely to sell the oldest inventory first.

Consider this example: Foo Co. had the following inventory at hand, in order of acquisition in November:

Number of units	Cost
100 units	$50
125 units	$55
75 units	$59

If Foo Co. sells 210 units during November, the company would expense the cost associated with the first 100 units at $50 and the remaining 110 units at $55. Under FIFO, the total cost of sales for November would be $11,050. The ending inventory would be calculated the following way:

Number of units	Price per unit	Total
Remaining 15 units	$55	$825 ($55 x 15 units)
75 units	$59	$4425 ($59 x 75 units)
Total		$5250

Thus, the balance sheet would now show the inventory valued at $5250.

FIFO Tax Implications

FIFO will have a higher ending inventory value and lower cost of goods sold (COGS) compared to LIFO in a period of rising prices. Therefore, under these circumstances, FIFO would produce a higher gross profit and, similarly, a higher income tax expense.

LIFO

"LIFO" stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first. Since the 1970s, some U.S. companies shifted towards the use of LIFO, which reduces their income taxes in times of inflation, but since International Financial Reporting Standards (IFRS) banned LIFO, more companies returned to FIFO.^{[citation needed]}

LIFO is used only in the United States, which is governed by the generally accepted accounting principles (GAAP). Section 472 of the Internal Revenue Code directs how LIFO may be used.^[1]

In the example above, the company (Foo Co.) (using LIFO accounting) would expense the cost associated with the first 75 units at $59, 125 more units at $55, and the remaining 10 units at $50. Under LIFO, the total cost of sales for November would be $11,800. The ending inventory would be calculated the following way:

Number of units	Price per unit	Total
Remaining 90 units	$50	$4500 ($50 x 90 units)
Total		$4500

The balance sheet would show $4500 in inventory under LIFO.

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). This reserve is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method.^[2]

In most sets of accounting standards, such as the International Financial Reporting Standards, FIFO (or LIFO) valuation principles are "in-fine" subordinated to the higher principle of lower of cost or market valuation.

In the United States, publicly traded entities which use LIFO for taxation purposes must also use LIFO for financial reporting purposes ^[3] but such companies are also likely to report a LIFO reserve to their shareholders. A number of tax reform proposals have argued for the repeal of LIFO tax provision. The "Save LIFO Coalition" argues in favor of the retention of LIFO.^[4]

참조

외부 링크

• Taxpolicycenter.org, "세금 주제: LIFO 폐기"
• "LIFO/FIFO". uic.edu. University of Illinois.
• FIFO 가이드. 나는 공인회계사 시험에 합격했다.