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Inventory Accounting And Profit Evaluation

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  • Riccardo Fiorito

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.

Suggested Citation

  • Riccardo Fiorito, 1991. "Inventory Accounting And Profit Evaluation," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(4), pages 433-445, December.
    • Handle: RePEc:bla:revinw:v:37:y:1991:i:4:p:433-445
    DOI: 10.1111/j.1475-4991.1991.tb00382.x
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    Cited by:

    1. Mr. Segismundo Fassler & Mr. Manik L. Shrestha, 2003. "Changes in Inventories in the National Accounts," IMF Working Papers 2003/120, International Monetary Fund.
    2. Fiorito, Riccardo, 2003. "Inventory changes and the closing of macroeconometric models," International Journal of Production Economics, Elsevier, vol. 81(1), pages 75-84, January.

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