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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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Character cannot be developed in ease and quiet. Only through experiences of trial and suffering can the soul be strengthened, vision cleared, ambition inspired and success achieved. Helen Adams Keller

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