last-in-first-out method

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• last in, first out — ( LIFO) One of the methods for accounting for business inventory permitted by generally accepted accounting principals ( GAAP). American Banker Glossary ( LIFO) An accounting method that fixes the cost of goods sold to the most recent purchases.… …   Financial and business terms

• last in, first out — adj: being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked compare first in, first out Merriam… …   Law dictionary

• last-in,first-out — last in, first out (lăstʹĭnʹ fûrstʹoutʹ) n. A method of inventory accounting in which the most recently acquired items are assumed to have been the first sold. In a period of rising prices, this method yields a lower ending inventory, a higher… …   Universalium

• last-in, first-out — last′ in′, first′ out′ n. 1) bus a method of handling inventory costs at the price of the earliest items, assuming that items purchased last will be sold first Abbr.: LIFO Compare first in, first out 1) 2) cmp LIFO • Etymology: 1935–40 …   From formal English to slang

• last in first out — (LIFO) A method of selecting employees for redundancy on the basis of their length of service, with those who have the least service being chosen first. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

• last-in, first-out — n. A method of inventory that assumes that the goods most recently bought are the first ones to be sold, and that goods still in inventory at the end of the year are the ones bought long ago. See also first in, first out abbrv. LIFO The Essential …   Law dictionary

• last in, first out — adjective : being or relating to a method of valuing inventories by which items from the last lot received are assumed to be used or sold first and all requisitions are priced at the cost per item of the lot last stocked compare first in, first… …   Useful english dictionary

• last-in-first-out cost — LIFO cost A method of valuing units of raw material or finished goods issued from stock by using the latest unit value for pricing the issues until all the quantity of stock received at that price is used up. The next earliest price is then used… …   Accounting dictionary

• last-in-first-out cost — LIFO cost A method of valuing units of raw material or finished goods issued from stock by using the latest unit value for pricing the issues until all the quantity of stock received at that price is used up. The next earliest price is then used… …   Big dictionary of business and management

• last in, first out — A method of recording inventory in assessing a stock of merchandise. Anno: 66 ALR2d 834 836. A method of inventory valuation for income tax purposes which assumes that the most recently purchased merchandise is the first sold. By treating current …   Ballentine's law dictionary

• last-in first-out — LIFO An inventory valuation method that assumes inventory is consumed (or sold) in the reverse order in which it is purchased (or manufactured). LIFO methodology, which allocates the most recent inventory costs to *cost of sales, is not… …   Auditor's dictionary