LIFO

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An abbreviation for last in, first out, a method used in inventory accounting to value the merchandise of a particular business.

LIFO assumes that the last goods purchased are the first sold and, as a result, those items that remain unsold in the inventory at the end of the year are assumed to be those which were purchased first.

Cross-references

FIFO.

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FIFO			Our invited speaker had my attention, and got even more of it as he summed up why the FIFO to LIFO change was so impactful: "If you don't know the truth, your perception is all you have to go on. ACD routing best practices: LIFO vs. FIFO by Passios, Tim / Customer Interaction Solutions The oil and gas industry is a major LIFO beneficiary, but attention focused this week on distillers of bourbon -- which is legally required to age at least two years -- because of a high-profile clash on the provision. Obama's budget has some singing booze blues by AFP / AFP American Edition If there are a number of employees with the same number of points, the employer may then use LIFO to decide which of them will be made redundant Q. Employment issues; SELECTING EMPLOYEES FOR REDUNDANCY by Evening Gazette (Middlesbrough, England)			Lieu lieutenant life Life annuity life estate Life in Being Life or Limb life span life support life without possibility of parole Life-assurance Life-estate Life-rent life-supporting life’s duration life’s work lifeblood lifeless lifeless body lifeless object lifelessness lifelike lifelong lifetime lifework LIFO lift lift a ban lift controls lift up lifter ligament Ligan Ligan or lagan ligation ligature Ligeance light light labor light up light upon light work light-footed light-minded lighten lighten the labor lightening Lighterman Lighters Lights lightweight			Liffey Valley Orchestra Liffey, River LIFFL Lifford Lifford Lifft Lifft Lifft Lifft Lifft LIFG LIFH LIFI LIFIA LIFIA LIFIS LIFL LIFLA LIFLG Lifljandija Lifljandija Liflode Liflyandia Liflyandia Liflyandiya Liflyandiya LIFMOP LIFN Lifnei iver Lifnei iver LIFO LIFO accounting LIFO accounting LIFO Liquidation LIFO Liquidations LIFO order LIFO order LIFO order LIFO order LIFOC LIFP LIFPL LIFPP LIFR LIFRAM Lifrarbólga Lifrarbólga Lifrarbólga LIFRAS LIFRC LIFS Lifshits, Evgenii Lifshits, Evgenii Mikhailovich Lifshits, Ilia Lifshits, Ilia Mikhailovich lift lift lift lift lift lift

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