last in first out inventory valuation

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• 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

• last-in, first-out — (LIFO) A method of accounting which assumes that the most recent purchases are sold first. In times of inflation, the LIFO method results in a lower net income figure and lower inventory valuation than the FIFO method. This is due to the current… …   Black's law dictionary

• last-in, first-out — (LIFO) A method of accounting which assumes that the most recent purchases are sold first. In times of inflation, the LIFO method results in a lower net income figure and lower inventory valuation than the FIFO method. This is due to the current… …   Black's law dictionary

• 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 asset management and valuation method that assumes that assets produced or acquired last are the ones that are used, sold or disposed of first. LIFO assumes that an entity sells, uses or disposes of its newest inventory first. If an asset is… …   Investment dictionary

• Inventory valuation — INVENTORIES AND FINANCIAL STATEMENTS Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and… …   Wikipedia

• inventory valuation — stock valuation The valuation of stocks of raw material, work in progress, and finished goods. According to Statement of Standard Accounting Practice 9, stocks should be valued at the lower of cost or net realizable value and the costs incurred… …   Accounting dictionary

• inventory valuation — stock valuation The valuation of stocks of raw material, work in progress, and finished goods. According to Statement of Standard Accounting Practice 9, stocks should be valued at the lower of cost or net realizable value and the costs incurred… …   Big dictionary of business and management

• first-in first-out — FIFO An inventory valuation method that assumes inventory is consumed or sold in the order in which it is purchased or manufactured. The FIFO methodology, which allocates older inventory costs to *cost of sales, is acceptable under most forms of… …   Auditor's dictionary

• next-in first-out — NIFO An inventory valuation method that allocates replacement or *current costs to *cost of sales. NIFO is unacceptable under most forms of *Generally Accepted Accounting Principles, though it may be a valuable costing technique in times of high… …   Auditor's dictionary

• next-in, first-out — (NIFO) An inventory valuation method whereby the cost of goods sold is based on the replacement cost, rather than the actual cost of the goods. This method is not a generally accepted accounting principle; therefore it is not commonly used. See… …   Black's law dictionary