LIFO

(redirected from last in first out)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.
Related to last in first out: LIFO, first in first out

LIFO

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.

Mentioned in ?