|Author||Topic: LIFO to FIFO, and the LIFO Reserve|
|Hi, Just wrote the level 1. Can someone tell me, if you are converting from LIFO to FIFO COSGS you subtract the change in the LIFO Reserve from the LIFO COGS to get FIFO COGS. But if you want to convert from LIFO inventory to FIFO inventory, you add the full LIFO reserve (Not the change in the reserve) to LIFO inventory to get FIFO inventory. Is this correct?|
CFA Discussion Topic: LIFO to FIFO, and the LIFO Reserve
I passed! I did not get a chance to tell you before the exam - but your site was excellent. I will definitely take it next year for Level II.