The following control maintenance records belong to the LIFO (Last In First Out) area within the ACCT (Accounting) category.
Indicate whether the system uses the default cost basis when calculating the current year's LIFO cost for items that were not purchased or transferred within the current year. More:
Enter product pool codes, up to two characters, that categorize products for use with LIFO reporting, which values inventory for tax reporting purposes. You can assign LIFO product pools defined in this record to the Pool field on either the LIFO Maintenance screen or the LIFO Inventory Valuation screen.