A recent inquiry from one FEI member prompted this response from Cheryl Graziano, VP - FERF Research and Operations.

Question:  Our Company uses an outside statistician to assist us in our annual LIFO physical.  Unfortunately, he is retiring next year.  Because so few companies use LIFO anymore, we are having difficulty identifying a replacement.

The statistician helps us select a random sampling of stores to be inventoried along with a random sample of items to count.  The statistician reviews the data to determine if both samples are statistically significant to the population of stores and total inventory subject to LIFO. We are hoping you can recommend a consultant or a software program that can perform these functions.

Answer:  With regard to your question about LIFO, our research director checked with our DC office who has a contact at ipbtax.com. They have worked with Stanton Williams at Source Corp., that is the old LIFO Systems company that some FEI members may have used.  His email contact is Stanton.Williams@sourcecorptax.com.