Our LIFO-PRO software program was designed in 1991 by a CPA frustrated by the limitiations posed by LIFO spreadsheets. He determined a spreadsheet program could not satisfy the basic requirements of a LIFO program which are:
• Absolute assurance of no errors
• Comprehensive documentation of all years' calculations in one place
• Quick calculation and planning capability
• Works for all LIFO situations
Until 1995, LIFO-PRO only performed the "Back End" LIFO calculations, i.e. from the point at which the FIFO inventory balances, LIFO inflation rates, Sec. 263A rate and cost complements (for retail LIFO) are known.
In 1995, an IPIC method pool index calculaton capability was added to LIFO-PRO. This enhancement was made to support the many companies that were switching to the IPIC method. Canned software to perform the pool index calculations was required because of the high error rates seen when IPIC spreadsheets were used. Companies using the 10% method were especially prone to error.
A Windows version of LIFO-PRO was released in 1997, with multiple enhancements made since the original release.
