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LIFO

An abbreviation for last in, first out, a method used in inventory accounting to value the merchandise of a particular business.

LIFO assumes that the last goods purchased are the first sold and, as a result, those items that remain unsold in the inventory at the end of the year are assumed to be those which were purchased first.

CROSS-REFERENCES

FIFO.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Legislative Veto to Lloyd's