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Form 970 Form Field Reference for TY2011

FORM 970 Application to Use LIFO Inventory Method
Field No. Description Line Ref.
 
0010 SSN
0050 Elects LIFO Method for Tax Year Ending 1
0060 LIFO Method Goods 1
0065 LIFO Method Goods (Statement) 1
0070 Identify Goods Covered by this Election 2
0080 LIFO Inventory Method "Yes" Box 3a
0090 LIFO Inventory Method "No" Box 3a
0095 If Yes, explanation 3b
0100 LIFO Used for Goods "Yes" Box 4a
0110 LIFO Used for Goods "No" Box 4a
0115 If Yes, explanation 4b
0120 Goods Not Inventoried Under LIFO 5
0125 Goods Not Inventoried Under LIFO (Statement) 5
0130 Value of Inventoried Goods "Yes" Box 6a
0140 Value of Inventoried Goods "No" Box 6a
0150 Value of Beginning of Inventory "Yes" Box 6b
0160 Value of Beginning of Inventory "No" Box 6b
0165 If No, explanation 6b
0170 Adjustments over 3-Year Period "Yes" Box 6c
0180 Adjustments over 3-Year Period "No" Box 6c
0185 If No, explanation 6c
0190 Unit Cost of Goods "Yes" Box 7a
0200 Unit Cost of Goods "No" Box 7a
0205 If No, explanation 7b
0210 Statements or Reports "Yes" Box 8a
0220 Statements or Reports "No" Box 8a
0225 If Yes, explanation 8b
0230 Inventory "Yes" Box 9a
0240 Inventory "No" Box 9a
0245 If No, explanation 9b
0250 LIFO Method "Yes" Box 10
0260 LIFO Method "No" Box 10
0270 List of Goods 11
0286 SSN
0290 Most Recent Actual Cost of Goods 12
0293 Average Cost of Goods Purchased or Produced 12
0300 Actual Cost of Goods 12
0310 Other 12
0315 Other Explanation (Statement) 12
0320 Explanation of Defining Items 13
0330 Goods Acquired Below Market Value "Yes" Box 14a
0340 Goods Acquired Below Market Value "No" Box 14a
0345 If Yes, Explanation 14b
0355 Method of Pooling 15
0360 Calculation Method 16
0365 Calculation Method (Statement) 16
0370 Most Recent Actual Cost of Goods 17
0380 Average Cost of Goods 17
0390 Actual Cost of Goods Purchased or Produced 17
0400 Other 17
0405 Other Explanation (Statement) 17
0410 Double Extension Method 18
0420 Link Chain Method 18
0430 CPI Detailed Report 19
0440 PPI Detailed Report 19
0450 Other PPI Detailed Report 19
0455 Other Report Use (Statement) 19
0460 10% Method "Yes" Box 20
0470 10% Method "No" Box 20
0480 Representative Month Elected 21
0485 BLS Prices (Statement) 21
0495 Method Determining Cost Inventory 22
0500 Consent to Change Method "Yes" Box 23
0505 Consent to Change Method "No" Box 23
 
Page Last Reviewed or Updated: 12-Dec-2012