How to Implement a LIFO Election

For dealerships considering electing LIFO, all that's needed is this in last year's trial balance or balance sheet schedules. For companies that are already on LifO, all this needed to perform a review is your LIFO calculation documentation from the last period closed. So assuming you've engaged us and the year end has closed, LIFO pro will deliver a report package containing comprehensive calculation documentation. And we even offer same day turnaround time if needed to ensure that deadlines are met.