LIFO

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LIFO (last-in, first-out method) is valuing of inventory with the assumption the last goods received in the store are the first to be sold.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

LIFO (last-in, first-out method). Valuing of inventory with the assumption the last goods received in the store are the first to be sold.

Related concepts

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