ASC 330: inventory and LIFO

Plain-English guides to inventory under US GAAP, each with a worked example, and an inventory costing model.

ASC 330 covers inventory cost, LIFO and write-downs under US GAAP. 3 guides and 1 Excel model, all free.

Excel model

Each workbook comes filled in with a worked example, so you can see how it works before replacing the figures with your own. Cells to edit are marked.

Inventory costing comparisonExcel downloadFIFO, weighted average and LIFO side by side from your purchase lots, with the lower of cost and net realisable value test. IAS 2 and ASC 330.

3 guides

ASC 330 inventory explained3 minute readASC 330 inventory explained: what goes into inventory cost, FIFO, average and LIFO, lower of cost and net realizable value, and lower of cost or market.
Lower of cost and net realizable value3 minute readLower of cost and net realizable value under ASC 330 explained: when it applies, how to calculate NRV, inventory write-downs, and how it differs from LCM.
LIFO explained, and why IFRS does not allow it3 minute readLIFO explained with an example: how last-in, first-out works, the LIFO reserve, LIFO liquidations, the tax conformity rule, and why IFRS prohibits LIFO.

About these guides

The guides explain the standard in our own words, with our own examples, and point to the paragraphs they rely on. They are general information, not advice for your situation. Read them alongside the standard itself, and check when your regulator adopts it.