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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: elmatador who wrote (154634)7/30/2011 3:42:34 PM
From: Sweet Ol2 Recommendations  Read Replies (4) of 206089
 
He got LIFO wrong, all it affects is the value of inventory. Eventually you empty the tank and value the product as the cost of the first barrel. It evens out eventually.

I wonder what else he got wrong?

As to the ITC, other industries don't have to capitalize normal expenses of doing business.

I agree with BC that accounting should be simplified so engineers can understand it and it should apply equally to everyone.

Blessings,

JRH
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