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LIFO |
Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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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-referencesFIFO. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In this consolidated case, the taxpayers owned a group of four S corporations that had used the link-chain, dollar-value method of valuing LIFO inventory for at least 10 previous tax years. Boyle submitted the following letter to Senators Charles Grassley and Max Baucus, Chair and Ranking Member of the Senate Finance Committee, respectively, urging retention of the LIFO method of accounting. The 2006 fiscal year financial results include in cost of sales a pre-tax LIFO expense amount of $94. |
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