Abbreviation of - LAST IN FIRST OUT

Full from of LIFO

What is the Full from of LIFO

The full from of LIFO is Last In First Out

Last In, First Out (LIFO) Definition: An accounting method for inventory and cost of sales in which the last items produced or purchased are assumed to be sold first; allows business owner to value inventory at the less expensive cost of the older inventory; typically used during times of high inflation.



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