The LIFO method, Last-In, First-Out, is used by U.S. companies with IRS approval to value inventory and has been a part of U.S. tax law for over 80 years.
LBMC LIFO Solutions offers LIFO software, accounting software for automotive dealerships written with the CPA in mind.
Many auto dealerships in the U.S. choose to use the LIFO inventory valuation method because they have found the benefits to be significant.
Have the required LIFO records held by your CPA firm. Don’t assume the firm has the records if you used a different practitioner years ago.