LIFO Tax Benefit Calculator

LIFO Tax Benefit Calculator:

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Instructions:

Identify the year to date & 20-year average annual historical inflation rates for your company using the tables shown below the calculator
Enter the following values into the blue-colored cells:
- Prior year end inventory balance at cost
- Current year inflation rate: Note – if you don’t have an idea on your current or historical inflation, see inflation rates in the table below & locate a BLS category that matches your primary business activity
- 20-year average annual inflation rate: used to calculate the 20-year projected tax savings
- Combined federal & state tax rate
The green-colored cells will automatically update as soon as all values have been entered into the blue-colored input cells

Note: LIFO is adopted on a prospective basis & LIFO tax savings accrue beginning in the year of the change. Prior period benefits can NOT be retrospectively recaptured. 20 year cumulative taxable income reduction & after-tax cash savings shown in calculator are for analysis purposes only & is provided to project the potential tax savings from LIFO that could occur over the next 20 years based on your current year inventory balance at cost & the historical inflation rates.

BLS PPI Annual Inflation Rate Averages Table for Selected Commodities Through March 2024

PPI Code	BLS PPI Category Description	1M 3/24	YTD 3/24	1YR 3/24	3YR 3/24	5Y 2/24	10YR 2/24	20Y 2/24
01	FARM PRODUCTS	2.8%	4.4%	2.4%	7.1%	7.1%	0.9%	2.8%
011	Fruits & melons, fresh/dry vegs. & nuts	2.9%	6.8%	3.9%	11.4%	3.5%	3.7%	4.0%
012	Grains	3.2%	-8.3%	0.3%	-6.7%	4.3%	-1.0%	2.2%
013	Slaughter livestock	2.9%	19.0%	6.1%	16.8%	10.6%	2.1%	3.9%
014	Slaughter poultry	4.1%	1.7%	1.8%	15.0%	7.8%	2.1%	3.4%
015	Raw cotton	0.9%	13.7%	1.3%	3.9%	5.2%	0.7%	1.9%
016	Raw milk	2.4%	-0.8%	10.0%	12.3%	6.1%	-1.4%	2.1%
017	Chicken eggs	2.3%	28.3%	-23.2%	20.3%	23.8%	5.1%	2.9%
018	Hay, hayseeds and oilseeds	2.8%	-8.8%	0.9%	-5.6%	5.9%	-1.4%	1.5%
02	PROCESSED FOODS AND FEEDS	2.8%	2.4%	1.4%	6.2%	4.9%	2.2%	2.9%
021	Cereal and bakery products	3.3%	-0.7%	-0.3%	7.6%	5.0%	2.7%	3.2%
022	Meats, poultry, and fish	2.5%	8.2%	4.9%	6.0%	5.9%	2.4%	2.9%
023	Dairy products	2.3%	0.4%	0.8%	5.0%	3.1%	0.3%	2.2%
024	Processed fruits and vegetables	4.0%	-0.5%	-0.9%	10.2%	6.8%	4.2%	4.0%
025	Sugar and confectionery	3.0%	5.0%	2.1%	8.4%	5.0%	3.0%	3.2%
026	Beverages and beverage materials	2.6%	2.8%	0.8%	6.4%	4.3%	2.8%	2.7%
027	Fats and oils	3.4%	-5.6%	0.2%	4.0%	6.3%	2.2%	2.9%
028	Miscellaneous processed foods	2.8%	2.1%	0.2%	8.1%	5.1%	3.0%	2.9%
029	Prepared animal feeds	3.5%	-3.6%	-1.0%	2.0%	4.2%	0.2%	3.0%
03	TEXTILE PRODUCTS AND APPAREL	2.2%	1.6%	1.1%	6.6%	4.4%	2.5%	2.2%
031	Synthetic fibers	2.1%	6.9%	5.5%	8.9%	5.1%	3.0%	2.4%
032	Processed yarns and threads	2.6%	0.9%	0.9%	5.9%	4.6%	2.2%	2.5%
033	Greige fabrics	2.2%	-0.1%	-1.8%	6.6%	3.7%	1.9%	2.1%
034	Finished fabrics	2.6%	0.5%	0.7%	6.2%	4.8%	2.8%	2.7%
038	Apparel & other fabricated textile prods	1.8%	1.0%	0.1%	5.2%	3.3%	2.1%	1.9%
039	Miscellaneous textile products/services	2.7%	-1.7%	-0.5%	11.7%	6.8%	2.7%	2.6%
04	HIDES, SKINS, LEATHER, AND RELATED PRODUCTS	0.4%	-0.1%	-1.2%	0.6%	0.5%	-2.4%	0.4%
041	Hides and skins, incl. cattle	-3.1%	-5.5%	-7.8%	-13.5%	-8.3%	-11.4%	-3.2%
042	Leather	-0.4%	1.2%	0.5%	2.4%	0.9%	-3.7%	-0.4%
043	Footwear	2.7%	0.9%	0.0%	6.2%	4.3%	2.9%	2.7%
044	Other leather and related products	2.1%	0.9%	-0.1%	4.4%	2.8%	2.5%	2.1%
05	FUELS AND RELATED PRODUCTS AND POWER	3.4%	5.6%	-1.8%	6.3%	5.9%	0.5%	3.4%
051	Coal	5.2%	0.7%	-0.8%	14.3%	7.0%	3.3%	4.9%
053	Gas fuels	-2.2%	-26.7%	-31.1%	-19.3%	-5.5%	-9.7%	-3.7%
055	Utility natural gas	2.3%	-2.9%	-3.4%	9.5%	6.6%	1.6%	2.0%
056	Crude petroleum (domestic production)	4.2%	12.7%	-3.0%	7.2%	5.6%	-2.9%	4.1%
057	Petroleum products, refined	5.2%	14.7%	1.3%	9.1%	7.9%	0.0%	5.1%
058	Asphalt and other petroleum and coal products, n.e.c.	7.9%	-3.3%	2.6%	0.9%	1.8%	-0.5%	7.5%
06	CHEMICALS AND ALLIED PRODUCTS	3.8%	0.5%	-0.3%	3.0%	3.3%	2.0%	3.7%
061	Industrial chemicals	3.8%	-1.5%	0.7%	1.2%	2.9%	0.1%	3.5%
062	Paints and allied products	4.3%	-0.3%	-0.3%	9.1%	6.6%	3.8%	4.2%
063	Drugs and pharmaceuticals	4.5%	1.6%	-0.3%	2.4%	2.2%	3.8%	4.5%
064	Fats and oils, inedible	3.7%	11.0%	-0.7%	5.9%	12.1%	2.3%	3.5%
065	Agricultural chemicals and chemical products	3.7%	1.4%	1.0%	6.2%	3.9%	1.9%	3.5%
066	Plastic resins and materials	3.0%	1.7%	-2.5%	-1.2%	2.8%	0.4%	2.8%
067	Other chemicals and allied products	3.0%	0.3%	-0.4%	6.9%	4.5%	2.9%	3.0%
07	RUBBER AND PLASTIC PRODUCTS	3.3%	0.3%	0.4%	7.7%	5.1%	2.8%	3.3%
071	Rubber and rubber products	3.1%	0.8%	0.6%	7.2%	4.3%	2.0%	3.1%
072	Plastic products	3.4%	0.1%	0.3%	7.9%	5.3%	3.1%	3.4%
08	LUMBER AND WOOD PRODUCTS	2.4%	1.4%	0.2%	-1.3%	4.5%	2.9%	2.2%
081	Lumber	1.4%	6.1%	1.6%	-11.5%	3.4%	1.5%	1.2%
082	Millwork	3.3%	1.5%	-0.3%	5.8%	6.1%	4.4%	3.3%
083	Plywood	2.0%	-0.1%	-0.6%	-3.5%	6.0%	3.7%	1.3%
084	Other wood products	2.5%	-2.4%	0.1%	3.5%	3.6%	2.9%	2.3%
085	Logs, bolts, timber, pulpwood, woodchips and other roundwood products	1.7%	0.1%	-0.1%	0.4%	1.6%	0.9%	1.6%
086	Prefabricated wood buildings & components	3.6%	0.8%	0.5%	8.6%	7.6%	5.0%	3.5%
087	Treated wood and contract wood preserving	2.9%	-0.3%	0.4%	1.7%	6.0%	3.2%	2.5%
09	PULP,PAPER, AND ALLIED PRODUCTS	2.8%	1.2%	-0.1%	6.9%	5.0%	2.9%	2.8%
091	Pulp, paper, and prod., ex. bldg. paper	3.0%	1.1%	-0.2%	6.7%	4.4%	2.6%	3.0%
092	Building paper & building board mill prods.	2.9%	4.2%	2.4%	-3.9%	10.2%	5.6%	2.2%
094	Publications, printed matter & printing material		1.1%	0.1%	8.9%	6.1%	3.5%
10	METALS AND METAL PRODUCTS	4.3%	-0.1%	-1.1%	6.0%	6.4%	3.7%	4.0%
101	Iron and steel	4.8%	-2.5%	-6.1%	3.5%	6.1%	3.3%	3.9%
102	Nonferrous metals	4.7%	1.8%	2.9%	3.3%	5.8%	3.2%	4.4%
103	Metal containers	3.6%	0.5%	-0.2%	9.8%	6.6%	4.1%	3.6%
104	Hardware	3.0%	0.5%	0.7%	7.4%	5.2%	3.3%	3.0%
105	Plumbing fixtures and fittings	3.1%	1.0%	0.0%	4.9%	3.8%	3.1%	3.1%
106	Heating equipment	4.5%	2.5%	1.7%	11.3%	7.8%	5.2%	4.5%
107	Fabricated structural metal products	4.7%	-0.1%	-0.2%	12.2%	8.8%	5.6%	4.5%
108	Miscellaneous metal products	2.8%	1.1%	0.3%	7.4%	5.1%	3.0%	2.8%
11	MACHINERY AND EQUIPMENT	1.9%	1.5%	0.1%	6.8%	4.5%	2.7%	1.9%
111	Agricultural machinery and equipment	3.4%	0.7%	0.5%	9.1%	6.3%	3.8%	3.4%
112	Construction machinery and equipment	3.5%	0.5%	-0.1%	8.5%	5.8%	3.7%	3.4%
113	Metalworking machinery and equipment	2.4%	2.2%	0.5%	7.1%	4.7%	3.1%	2.5%
114	General purpose machinery and equipment	3.9%	1.3%	0.0%	9.4%	6.5%	4.3%	3.9%
115	Electronic computers and computer equipment	2.5%	2.1%	-0.7%	57.9%	30.2%	12.6%	2.7%
116	Special industry machinery and equipment	2.6%	1.1%	-0.1%	8.9%	6.1%	3.7%	2.6%
117	Electrical machinery and equipment	0.8%	1.9%	0.3%	5.1%	3.3%	1.9%	0.9%
118	Miscellaneous instruments	2.3%	1.5%	0.1%	6.2%	4.1%	3.0%	2.4%
119	Miscellaneous machinery	2.3%	1.3%	-0.1%	5.3%	3.5%	2.1%	2.3%
12	FURNITURE AND HOUSEHOLD DURABLES	2.5%	0.6%	0.2%	6.5%	4.6%	3.1%	2.5%
121	Household furniture	2.7%	0.4%	0.4%	6.3%	4.5%	3.1%	2.7%
122	Commercial furniture	3.3%	1.9%	0.5%	8.7%	6.5%	4.3%	3.3%
123	Floor coverings	2.4%	-0.4%	-1.9%	1.9%	1.1%	1.2%	2.5%
124	Household appliances	2.0%	-0.8%	0.4%	5.8%	3.8%	2.5%	2.0%
125	Home electronic equipment	-0.4%	1.9%	1.9%	6.3%	4.3%	2.2%	-0.3%
126	Other household durable goods	2.2%	0.5%	-0.1%	6.4%	4.3%	2.8%	2.2%
13	NONMETALIC MINERAL PRODUCTS	4.1%	3.1%	0.3%	9.0%	6.3%	4.4%	4.2%
131	Glass	2.1%	0.4%	0.2%	5.9%	4.4%	3.6%	2.1%
132	Concrete ingredients and related products	4.6%	5.1%	0.1%	9.4%	7.0%	5.5%	4.8%
133	Concrete products	4.5%	2.2%	0.3%	10.5%	7.4%	5.3%	4.5%
134	Clay construction products ex. refractories	2.1%	0.6%	-0.3%	6.3%	4.5%	2.9%	2.1%
135	Refractories	4.0%	0.8%	0.0%	7.7%	4.8%	3.6%	4.0%
136	Asphalt felts and coatings	5.5%	0.6%	-0.1%	9.8%	7.5%	4.1%	5.7%
137	Gypsum products	4.8%	4.4%	1.9%	11.2%	7.9%	4.8%	4.9%
138	Glass containers	3.4%	3.8%	0.1%	9.2%	6.5%	3.9%	3.5%
139	Other nonmetallic minerals	3.9%	4.6%	0.4%	8.1%	5.3%	3.2%	4.1%
14	TRANSPORTATION EQUIPMENT	1.7%	0.7%	0.2%	3.5%	2.5%	1.8%	1.7%
141	Motor vehicles and equipment	1.3%	0.2%	0.1%	3.3%	2.3%	1.7%	1.3%
142	Aircraft and aircraft equipment	2.4%	2.2%	0.5%	3.8%	2.7%	1.9%	2.4%
143	Ships and boats	2.8%	0.4%	0.1%	4.5%	3.4%	2.3%	2.7%
144	Railroad equipment	2.3%	0.5%	0.1%	1.7%	0.9%	1.0%	2.1%
149	Transportation equipment, n.e.c.	2.0%	-1.7%	-1.3%	4.6%	3.2%	2.4%	1.9%
15	MISCELLANEOUS PRODUCTS	3.3%	2.1%	0.5%	7.0%	5.4%	3.8%	3.4%
151	Toys, sporting goods, small arms, etc.	2.5%	4.1%	1.2%	9.2%	6.6%	3.7%	2.6%
152	Tobacco products, incl. stemmed & redried	5.7%	3.2%	0.0%	10.0%	8.4%	7.0%	5.8%
153	Notions	3.7%	-0.1%	0.0%	7.3%	5.2%	3.1%	3.7%
154	Photographic equipment and supplies	2.6%	-0.3%	2.3%	6.7%	5.3%	2.9%	2.5%
155	Mobile homes	5.2%	0.2%	0.0%	8.2%	9.8%	6.2%
156	Medical, surgical & personal aid devices	1.3%	1.4%	0.3%	3.2%	2.3%	1.6%	1.3%
157	Other industrial safety equipment	2.3%	2.3%	0.5%	7.8%	5.3%	3.1%	2.4%
159	Other miscellaneous products	2.9%	1.3%	1.1%	8.1%	5.7%	3.8%	3.0%

BLS CPI Historical Annual Inflation Rate Averages Through March 2024 Table for Selected Categories

BLS CPI Code	BLS CPI Category Description	1M	YTD	1 YR 3/24	3Y 3/24	5 YR 3/24	10 YR 3/24	20Y 3/24
SAF	FOOD & BEVERAGES	0.1%	0.8%	2.2%	6.3%	4.8%	3.1%	2.9%
SAF11	Food at home	0.0%	0.8%	1.2%	6.4%	4.7%	2.6%	2.6%
SAF114	Nonalcoholic beverages & beverage materials	0.2%	2.6%	2.4%	7.1%	5.2%	2.9%	2.3%
SEFN	Juices & nonalcoholic drinks	0.5%	3.1%	3.6%	7.6%	5.7%	3.4%	2.5%
SEFN01	Carbonated drinks	0.3%	3.6%	4.2%	7.6%	6.0%	3.7%	3.0%
SEFN03	Nonfrozen noncarbonated juices & drinks	0.7%	2.4%	2.7%	7.4%	5.4%	3.1%	2.0%
SEFP	Beverage materials including coffee & tea	-0.5%	1.4%	-0.7%	6.1%	4.0%	1.9%	1.8%
SEFP01	Coffee	0.1%	1.4%	-2.2%	6.2%	3.9%	1.7%	2.4%
SEFP02	Other beverage materials including tea	-1.5%	1.2%	2.0%	5.7%	4.2%	2.2%	1.6%
SAF115	Other food at home	-0.2%	0.8%	1.4%	7.5%	5.2%	2.9%	2.5%
SEFT06	Other miscellaneous foods	-0.3%	-0.3%	0.7%	7.1%	5.2%	2.7%	2.1%
SEFW	Alcoholic beverages at home	-0.2%	1.2%	1.7%	2.7%	2.2%	1.5%	1.5%
SEFW01	Beer, ale & other malt beverages at home	-0.2%	1.3%	2.6%	4.2%	3.6%	2.4%	2.3%
SEFW02	Distilled spirits at home	-0.2%	1.2%	1.7%	1.8%	1.4%	1.0%	1.0%
SEFW03	Wine at home	-0.1%	1.1%	0.9%	1.9%	1.3%	0.8%	0.9%
SEHE	FUEL OIL & OTHER FUELS	-1.4%	0.7%	-3.1%	9.5%	5.9%	0.5%	4.7%
SAH3	HOUSEHOLD FURNISHINGS & OPERATIONS	0.1%	1.0%	-0.8%	4.9%	3.6%	1.8%	0.8%
SAA	APPAREL	1.3%	6.2%	0.4%	3.4%	1.2%	0.4%	0.4%
SAM1	MEDICAL CARE COMMODITIES	0.2%	-0.4%	2.5%	2.9%	1.5%	1.9%	2.1%
SEMF	Medicinal drugs	0.1%	-0.3%	2.5%	2.8%	1.5%	1.9%
SEMF01	Prescription drugs	0.3%	-0.6%	0.4%	1.8%	0.9%	2.0%	8.4%
SEMF02	Nonprescription drugs	-0.2%	0.2%	7.4%	5.4%	2.9%	1.2%
SEMG	Medical equipment and supplies	0.6%	-0.6%	2.8%	5.0%	2.1%	1.0%
SAR	RECREATION	-0.1%	1.0%	1.8%	3.8%	2.7%	1.8%	1.2%
SEEA	EDUCATIONAL BOOKS & SUPPLIES	-0.9%	-1.1%	2.6%	0.5%	-0.1%	1.3%	3.4%
SEGA	TOBACCO & SMOKING PRODUCTS	0.4%	1.5%	6.7%	6.9%	6.5%	5.4%	6.0%
SEGB	PERSONAL CARE PRODUCTS	0.2%	1.7%	6.7%	4.0%	2.3%	1.0%	0.8%
SEGE	MISCELLANEOUS PERSONAL GOODS	-1.2%	0.1%	8.7%	5.1%	3.4%	0.3%	-0.1%
SAG	OTHER GOODS AND SERVICES	0.5%	1.3%	6.1%	5.4%	4.3%	3.1%	3.1%
SERE	Other recreational goods	-1.5%	-1.1%	1.6%	-0.5%	-1.8%	-4.2%	-4.0%
SERG	Recreational reading materials	1.5%	1.2%	-0.1%	2.0%	3.0%	2.1%	1.8%

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