LIFO Reserve definition

LIFO Reserve means, as of any date of determination, the amount by which the book value of the Inventory of the Borrowers and their Subsidiaries, as reported on the consolidated and consolidating financial statements of Pubco Guarantor and its Subsidiaries as of such date, would be lower if the first-in, first-out method, calculated in accordance with GAAP, were used to value such Inventory as of such date.

LIFO Reserve means, at any time, the LIFO reserve of the Borrower and its Consolidated Subsidiaries, as set forth on the most recent consolidated balance sheet of the Borrower and its Consolidated Subsidiaries prepared in accordance with GAAP.

LIFO Reserve means, as of any date of determination, the amount by which the book value of the inventory of the Company and its Subsidiaries, as reported on the consolidated and consolidating financial statements of the Company and its Subsidiaries as of such date, would be lower if the Company applied the first-in, first-out method, calculated in accordance with GAAP, to value such inventory as of such date.

Examples of LIFO Reserve in a sentence

• Cost of inventory (finished goods) as of January 1 $ Add LIFO Reserve $ Raw materials and work in process, not included in regular inventory stated above.

• In reporting value of inventories for inventories valued on LIFO, use the value of the inventories before calculations to determine LIFO Value and LIFO Reserve.

• What is the amount of inventories in item 3c subject to LIFO costing?Exclude LIFO Reserve.

• LIFO: Last in, First outMust disclose LIFO reserve if using LIFOLIFO Inventory (COGS) +LIFO Reserve = FIFO Inventory (COGS)3.

• What is the amount of LIFO Reserve for inventories in item 3c?LIFO Reserve is the DIFFERENCE between a given physical stock valued on a non-LIFO basis, for example, FIFO, and that same physical stock valuesat LIFO (i.e., non-LIFO value MINUS LIFO value) .

More Definitions of LIFO Reserve

LIFO Reserve means the reserve for lifo inventory on the Borrowers consolidated financial statements recorded in accordance with Agreement Accounting Principles.

LIFO Reserve means, for any period, for the Borrower and its Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), the reserve established as at the end of such period by the Borrower to reflect the difference, if any, between (a) the cost of inventory using the last-in first-out method of accounting therefor and (b) the cost of inventory using the first-in first-out method of accounting therefor.

LIFO Reserve means the difference between the cost of inventory using the last-in, first-out (“LIFO”) method of valuing inventory under GAAP and the cost of inventory using the replacement cost method under GAAP, so long as U.S. Borrower and its Subsidiaries are reporting the value of their inventory under the LIFO method for purposes of GAAP.

LIFO Reserve of any person shall mean reserves of such person for inventory valuation attributable to LIFO inventory accounting; as determined in accordance with generally accepted accounting principles

LIFO Reserve is added paragraph 1 in alphabetical order:

LIFO Reserve means any reserve required under the last-in- first-out method of accounting.

LIFO Reserve means the LIFO reserve as recorded on Party B’s accounting records.