LIFO

Last In First Out

A usage rule and accounting and other systems that assumes the last item brought into inventory (or into a queue) will be the first one used. During periods of rising prices, it has the effect of charging increases to the current period instead of subsequent periods


LIFO

Last In First Out

A usage rule and accounting and other systems that assumes the last item brought into inventory (or into a queue) will be the first one used. During periods of rising prices, it has the effect of charging increases to the current period instead of subsequent periods

Used in methodology