LIFO Definition

LIFO

Definition

Last In First Out. A method of valuing inventory in which the items acquired last are treated as the ones sold first.

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Mentioned in these terms

LIFO reserve

Related Terms on BusinessDictionary

first-in, first-out (FIFO)
inventory value

First-in, last-out (FILO)

Popular 'Accounting' Terms

current ratio
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revenue
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LIFO is ...

... part of the Accounting subject.

Nearby Terms

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lifetime cap
lifetime learning credit
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LIFFE
LIFO
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lifting a leg
light crude oil
like-for-like sales
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