PRO168 Dollar Value LIFO Calculator Version: V2.0, March 1987
Submitted by: James & Chris Jannes, Northport, NY
Operating System: PRO/VENIX Source Language: PASCAL Memory Required:
128KB Software Required: PRO/VENIX V2.0. Hardware Required: Pro-350
with 512KB and hard disk. Keywords: Accounting
Abstract: Program LIFO (last in, first out) calculates Dollar Value
LIFO. It is a method of inventory calculation that uses
total dollar value, not the physical quantity of goods,
when calculating the value of inventory pools.
Dollar Value LIFO is the most widely used method of
inventory valuation used by companies that have adopted a
LIFO system. A LIFO system is advantageous because it
presents a lower net income for tax purposes. In addition,
the Tax Reform Act of 1986 permits the use of published
indices for small businesses (revenue < $5,000,000),
a convenience that was not permitted in the past.
This makes the Dollar Value LIFO approach even more
attractive and easier to use.
Notes: Operating System PRO/VENIX V2.0 required. The source code is
the executable code is provided.
Sources not included.
Media (Service Charge Code): One RX50 Diskette (JA) Format: VENIX
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Created: December 26, 1998