How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill
Withum
JUNE 1, 2022
Company A sold widgets in 2021 for $150 per unit. In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. Assume Company A sold 275 units in 2021. Wait and See.
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