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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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44 Average common shares and common stock equivalents outstanding 52,616 53,710 52,592 53,684 (a) Periods prior to April 1, 1999, have been restated to reflect the second quarter 1999 change in method of accounting for inventory to the first-in, first-out (FIFO) method from the last-in, first-out (LIFO) method previously used for the majority of domestic inventory. Note: The Company's inventories are determined by the retail method on the last-in, first-out (LIFO) basis. |
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