Management Glossary

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last in first out
A method of accounting for inventory. Abbreviated as LIFO. While the movement of specific items of inventories of commodity goods are typically not tracked in accounting records, the LIFO method assumes, for cost purposes, that the last units that entered the inventory are the first that leave it. Under conditions of continuing inflation, this method may greatly undervalue inventory as it assumes that the first items to be placed in inventory are still there, but the latest ones (the highest cost ones) have already left
Contributed by: ManagerWise Staff
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