LIFO; price indexes; department stores. The July 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, July 31, 2003.
The following Department Store Inventory Price Indexes for July 2003 were issued by the Bureau of Labor Statistics. The indexes are accepted by the Internal Revenue Service, under § 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 86-46, 1986-2 C.B. 739, for appropriate application to inventories of department stores employing the retail inventory and last-in, first-out inventory methods for tax years ended on, or with reference to, July 31, 2003.
The Department Store Inventory Price Indexes are prepared on a national basis and include (a) 23 major groups of departments, (b) three special combinations of the major groups — soft goods, durable goods, and miscellaneous goods, and (c) a store total, which covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco, and contract departments.
| BUREAU OF LABOR STATISTICS, DEPARTMENT STORE INVENTORY PRICE INDEXES BY DEPARTMENT GROUPS (January 1941 = 100, unless otherwise noted) | ||||
|---|---|---|---|---|
| Groups | July 2002 | July 2003 | Percent Change from July 2002 to July 2003¹ | |
| 1. | Piece Goods | 486.4 | 487.0 | 0.1 |
| 2. | Domestics and Draperies | 577.3 | 570.0 | -1.3 |
| 3. | Women's and Children's Shoes | 607.4 | 613.9 | 1.1 |
| 4. | Men's Shoes | 906.0 | 831.2 | -8.3 |
| 5. | Infants' Wear | 590.9 | 573.3 | -3.0 |
| 6. | Women's Underwear | 526.3 | 509.0 | -3.3 |
| 7. | Women's Hosiery | 345.2 | 346.9 | 0.5 |
| 8. | Women's and Girls' Accessories | 517.0 | 537.8 | 4.0 |
| 9. | Women's Outerwear and Girls' Wear | 342.0 | 342.8 | 0.2 |
| 10. | Men's Clothing | 565.1 | 533.3 | -5.6 |
| 11. | Men's Furnishings | 573.1 | 562.7 | -1.8 |
| 12. | Boys' Clothing and Furnishings | 455.1 | 424.4 | -6.7 |
| 13. | Jewelry | 887.6 | 882.3 | -0.6 |
| 14. | Notions | 795.1 | 792.1 | -0.4 |
| 15. | Toilet Articles and Drugs | 970.8 | 992.0 | 2.2 |
| 16. | Furniture and Bedding | 627.6 | 619.9 | -1.2 |
| 17. | Floor Coverings | 617.6 | 587.3 | -4.9 |
| 18. | Housewares | 752.9 | 722.5 | -4.0 |
| 19. | Major Appliances | 221.4 | 213.3 | -3.7 |
| 20. | Radio and Television | 48.4 | 45.3 | -6.4 |
| 21. | Recreation and Education2 | 86.3 | 82.8 | -4.1 |
| 22. | Home Improvements2 | 125.8 | 123.7 | -1.7 |
| 23. | Auto Accessories2 | 111.6 | 111.4 | -0.2 |
| Groups 1-15: Soft Goods | 555.9 | 549.6 | -1.1 | |
| Groups 16-20: Durable Goods | 409.9 | 394.3 | -3.8 | |
| Groups 21-23: Misc. Goods2 | 96.6 | 94.0 | -2.7 | |
| Store Total3 | 502.8 | 493.4 | -1.9 | |
| 1Absence of a minus sign before the percentage change in this column signifies a price increase. | ||||
| 2Indexes on a January 1986 = 100 base. | ||||
| 3The store total index covers all departments, including some not listed separately, except for the following: candy, food, liquor, tobacco and contract departments. | ||||
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