Word: fifo
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Dates: during 1950-1959
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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...
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