LIFO RESERVE Definition

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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

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CONSTANT DOLLAR is when the dollar amount is adjusted for inflation.

STRATEGIC GOAL is the milestone the organization aims to achieve that evolves from the strategic issues. They transform strategic issues into specific performance targets that impact the entire organization. They can be qualitative or quantitative. Dependent upon usage, GOALS are general in nature, while OBJECTIVES are specific, measurable and time-based. In some organizations, the meanings for GOAL and OBJECTIVE are reversed. See GOAL.

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