LIFO COGS - FIFO COGS = difference what is that difference called?
There is no term for that. FIFO Inventory - LIFO Inventory = LIFO Reserve.
no, thats the FIFO Inv - LIFO Inv on the B/s
ok. just wanted to make sure.
LIFO COGS - FIFO COGS = Delta LIFO Reserve * (1-T) where Delta means (Change in )…