Rev. Rul. 83-87
1983-1 C.B. 107.
Internal Revenue Service
Revenue Ruling
LIFO; PRICE INDEXES; DEPARTMENT STORES
Published: June 20, 1983
SECTION 472. - -LAST-IN, FIRST-OUT INVENTORIES, 26 CFR 1.472-1: Last-in, first- out inventories
LIFO; price indexes; department stores. The January 1983 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods of valuing inventories for tax years ending December 31, 1982, and January 31, 1983.
The following price indexes for January 1983 published by the Bureau of Labor Statistics on February 28, 1983, for use by department stores are accepted by the Internal Revenue Service under section 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 72-21, 1972-1 C.B. 745, for appropriate application to inventories of department stores employing the retail inventory and last-in, first-out inventory methods for tax years ended December 31, 1982, and January 31, 1983.
Indexes are given on a national basis for the store total, for 20 major groups of departments, and for two special combinations--soft and durable goods. The store total index covers all departments, including some not listed separately, with the following exceptions: candy, foods, liquor, tobacco, paints, and wallpaper, as well as contract departments.
BUREAU OF LABOR STATISTICS, DEPARTMENT STORE INVENTORY PRICE INDEXES BY
DEPARTMENT GROUPS
(January 1941 = 100)
Department group January January Percentage
1982 1983 Change
from
January
1982 to
January
1983 [FN1]
-------------------------------------------------------------------------------
I. Piece Goods 379.0 392.9 3.7
II. Domestics and Draperies 484.0 504.2 4.2
III. Women's and Children's Shoes 532.1 539.2 1.3
IV. Men's and Boys' Shoes 665.0 669.6 .7
V. Infants' Wear 444.7 464.9 4.5
VI. Women's Underwear 370.0 388.6 5.0
VII. Women's and Girls' Hosiery 215.3 221.9 3.1
VIII. Women's and Girls' Accessories 398.6 412.6 3.5
IX. Women's Outerwear and Girls' 319.0 315.1 -1.2
Wear
X. Men's Clothing 431.4 441.3 2.3
XI. Men's Furnishings 431.3 451.1 4.6
XII. Boy's Clothing and Furnishings 389.1 407.5 4.7
XIII. Jewelry 690.6 678.4 -1.8
XIV. Notions 423.7 464.1 9.5
XV. Toilet Articles and Drugs 526.2 566.9 7.7
XVI. Furniture and Bedding 495.3 502.6 1.5
XVII. Floor Coverings 411.3 427.1 3.8
XVIII. Housewares 700.0 719.0 2.7
XIX. Major Appliances 231.4 238.3 3.0
XX. Radio and Television 118.2 115.8 -2.0
Groups I-XV:Soft Goods 429.6 442.5 3.0
Groups XVI-XX:Durable Goods 428.9 437.2 1.9
Store Total 428.9 440.9 2.8
FN1. Absence of a minus sign before percentage change in this column signifies
price increase.
Rev. Rul. 83-87, 1983-1 C.B. 107.