LIFO reserve

CFA Level I
#1

sometime, I see term LIFO reserve? dose it refer to ending inventory by using LIFO method? THanks.

#2

LIFO inventory + LIFO reserve = FIFO inventory

#3

if a firm uses the LIFO method, they must disclose the LIFO Reserve in the footnotes…

#4

COGSfifo=COGSlifo-change in LIFO reserve(Ending LIFO reserve-beginning LIFO reserve)