last in, first out (as an accounting principle in sorting stock)
Compare FIFO
LIFO in American English
(ˈlaɪˌfoʊ)
US
noun
a method of valuing inventories in which items sold or used are priced at the cost of the most recent acquisitions and those remaining are valued at the cost of earliest acquisitions
see also FIFO
Word origin
l(ast) i(n), f(irst) o(ut)
LIFO in Retail
(laɪfoʊ) or last in, first out
abbreviation
(Retail: Management accounts)
LIFO is a method of valuing inventory which assumes that the newest stock is sold first.
LIFO is not generally accepted as a suitable method of stock valuation because it doesnot reflect normal practice in which oldest stock is used first.
Using LIFO, the last costs of goods are recognized as costs first, leaving the oldest costsin the value of inventory.
LIFO is a method of valuing inventory which assumes that the newest stock is sold first.
LIFO in Accounting
(laɪfoʊ) or last in, first out
abbreviation
(Accounting: Management)
LIFO is a method of valuing inventory which assumes that the newest stock is sold first.
LIFO is not generally accepted as a suitable method of stock valuation because it doesnot reflect normal practice in which oldest stock is used first.
Using LIFO, the last costs of goods are recognized as costs first, leaving the oldest costsin the value of inventory.
LIFO is a method of valuing inventory which assumes that the newest stock is sold first.