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Ending Inventory |
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Ending Inventory Goods and materials available for sale at the end of an accounting period or fiscal year. Comparing the ending inventory to the beginning inventory may help a company determine whether it overestimated the materials it needs to operate, or customers' demand for their products. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| In a period of rising prices, this method yields a higher ending inventory, a lower cost of goods sold, a higher gross LIFO Inventories, 2006 * Industry Percentage of ending inventory under LIFO Manufacturers Petroleum 73% Chemical 29% Metal and machinery 30% Transportation equipment 29% Other manufacturers 17% Wholesalers 20% Retailers Motor vehicle 32% Food and beverage 63% General merchandise 67% Other retailers 15% All other 2% Total 23% * The data are from a stratified subset of C and S corporations reporting ending inventories for tax year 2006 greater than $1 million. Further, due to the mechanics of the simplified production method used by the taxpayer, these royalty costs were allocated to ending inventory even though the costs were not incurred until the goods were sold. |
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