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- W2064294100 abstract "In an inventory model with exogenous sales, FIFO and LIFO criteria are formalized and compared with national account estimates for intermediate and finished good products. The model is simulated by utilizing manufacturing input and output prices for Italy (1970-88). LIFO and national account estimates of inventory are usually close and also imply reliable measures of output level and changes which can be shown by solving the quantity model. Conversely, FIFO exhibits larger profits and leads in real terms to unsatisfactory estimates of output changes. The value of inventories in an inflationary environment reflects the accounting criteria adopted by firms which rarely coincide with national accounts (NA). Since macroeconomic figures usually stem from collecting a large amount of self-reported microdata, both flow and stock estimates of NA inventories need to be corrected. This is so because stock appreciation not only characterizes FIFO (First In-First Out), but also regards the much more popular LIFO (Last In-First Out) when volumes are reduced. What ever accounting criteria a firm may select, it is obvious that NA observe only the reported values. The quantities have to be discovered by trying to replicate the firm's criteria. Symmetrically, the firm knows the quantity, but not the nominal value of its inventory which is also calculated on the basis of its fiscal goals. To clarify these issues, I will illustrate FIFO, LIFO and NA methods using a simple model. I will apply them to a hypothetical, aggregate, economy to show their differences and consequences on the business cycle. The second purpose of this article is to link the inventory evaluation with functional income distribution. This has, in turn, several implications to the meaning and estimate of taxable income. Let me assume that a manufacturing economy produces a single storable good and buys from abroad or from other sectors a single, storable, intermediate product. Unfilled orders are ignored and inventory stock has no physical depreciation. I assume also that it is constituted by intermediate and finished goods only. The latter cannot be used as input. Work-in-process stocks are either ascribed to materials or to finished goods, depending on their stage of completion. Finally, intermediate purchases include raw materials and any other physical input which has not been completed, in this case services being irrelevant." @default.
- W2064294100 created "2016-06-24" @default.
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- W2064294100 date "1991-12-01" @default.
- W2064294100 modified "2023-09-25" @default.
- W2064294100 title "INVENTORY ACCOUNTING AND PROFIT EVALUATION" @default.
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- W2064294100 doi "https://doi.org/10.1111/j.1475-4991.1991.tb00382.x" @default.
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