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What is IPIC and what does it stand for?

April 26, 2017ipic stand

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What is IPIC and what does it stand for?

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The Inventory Price Index Computation method is an elective method of determining the LIFO value of a taxpayer’s inventory. Unlike traditional LIFO methodologies, inflation under the IPIC method is based on externally published indexes, consumer or producer price indexes (CPI or PPI). The CPI and PPI are published by the United States Bureau of Labor Statistics (BLS).