LIFO Hear it!

LIFO definition

☆ LIFO (lī′fō′)

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

Etymology: l(ast) i(n), f(irst) o(ut)

Webster's New World College Dictionary Copyright © 2005 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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