This tutorial introduces the concept of LIFO (Last In, First Out) reserve, and explains why there is discrepancy in financial statements between the uses of LIFO (Last In, First Out) and FIFO (First In, First Out) inventory accountings.

The tutorial is presented by Paquita Y. Davis-Friday, Professor of Accountancy at Zicklin School of Business and produced by Baruch Computing & Technology Center (BCTC).