last-in first-out
LIFO An inventory valuation method that assumes inventory is consumed (or sold) in the reverse order in which it is purchased (or manufactured). LIFO methodology, which allocates the most recent inventory costs to *cost of sales, is not acceptable under some forms of *Generally Accepted Accounting Principles. Compare *first-in first-out (FIFO) and *next-in first-out (NIFO).

Auditor's dictionary. 2014.

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