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LIFO

   Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia 0.01 sec.

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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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.
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.
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.
 
 
 
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