The U.S. IRS has released an international practice unit, Introduction to Dollar Value LIFO. The general overview of the practice unit is provided as follows: Any taxpayer may elect to determine the cost of Last In-First Out (LIFO) inventories under the "dollar-value" LIFO method, provided the taxpayer uses the method consistently and it clearly reflects income in accordance with the rules of Treas. Reg. 1.472–8 Dollar-value method of pricing LIFO inventories. The dollar-value method of valuing LIFO inventories is a method of determining cost by using "base-year" costs expressed in total dollars rather than the quantity and price of specific...