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Last in first out lifo

• A method of valuing inventory that uses the cost of the most recent item in inventory first.

• Is the accounting technique whereby the last items in inventory are paired against the first items sold out of inventory.

 
 Embedded terms in definition
 Inventory
 
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To understand the heart and mind of a person, look not at what he has already achieved, but at what he aspires to do. Kahlil Gibran

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