Word: fifo
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Like most department stores, Macy's at first used FIFO-first in, first out-which computes the year's profits on the basis of the first stock bought during the year. Though FIFO is less advantageous during inflation, when costs are steadily rising, many stores prefer it because it guards them against higher taxes should inventory costs begin to fall. Companies cannot switch back and forth; Government permission is needed to do so. Gambling on continued price rises, Macy's asked permission to use LIFO in 1942. The Government refused, but in 1947 allowed a Baltimore department...
...SNAFU & FIFO. The War Department knew full well that the system would provoke plenty of G.I. gripes, home-front anguish and trouble for the Army. Congressmen's mail is already heavy with letters from kin demanding to know why Joe can't come home. Congressmen themselves, breathing the air of victory, are causing the Army anxiety with their new eagerness to move in on things...
...with feet a whole lot clumsier. You bump into them, you step on them, you ignore them, but all in vain, for they are all up in the ozone about their coming informal hop. Nothing matters anymore. What if Osage is practically bankrupt, who cares about Lifo or Fifo, aren't they going to take a real live girl to their first Harvard dance? And so it goes, just showing you what an important event tomorrow night's affair at the Parker House is going to be. You all know what a success our dance...
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