Bruns, William J., Jr., Sharon Bruns, and Susan S. Hameling. "Merrimack Tractors and Mowers: LIFO or FIFO?" Harvard Business School Brief Case 083-217, December 2008.

The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis.

(1) Without fuel and adjustment items ... partially offset by lower pharmacy margins and the LIFO charge. The FIFO gross margin rate, excluding rent, depreciation and amortization, fuel, and ...