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, 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.

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.

• The term "Quick Ratio" means the ratio of Current Assets less inventory (net of LIFO Reserve), to Current Liabilities.

• The book value of the net assets contributed by FMC as of December 31, 1993 was $125,237,000 (net of the LIFO Reserve of $13,363,000).

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

• 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 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 means, at any time, the cumulative reserve which appears on the Borrower's consolidated financial statements resulting from adjustments to state inventory at an amount determined on a last-in, first-out basis or at fair market value, in accordance with GAAP.

LIFO Reserve means the difference between the value of inventory at cost and the value of inventory on a Last In First Out basis, all determined in accordance with G.A.A.P.

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

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