The Excess of the Value of a Company's Inventory Stated

question 40

Short Answer

The excess of the value of a company's inventory stated at FIFO over the value stated at LIFO is called a(n) _________________________.

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Definitions:

Discarded

Items or materials that have been thrown away or deemed as no longer useful or needed.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset over its useful life to date.

Original Cost

The initial price paid to acquire an asset before any depreciation or amortization.

Net Income

The earnings a company retains following the deduction of all costs and taxes from its overall income.