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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-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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