last-in, first-out (LIFO)

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An accounting method for identifying the order in which items are used or sold. With last-in, first-out, the most recently acquired items are assumed to be sold first. During a period of inflation, last-in, first-out accounting tends to result in high costs that reduce reported profits. The reduced profits result in a lower income-tax liability. Compare first-in, first-out (FIFO).

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Wilsons Leather Announces Third Quarter 2003 Results by Business Wire

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Last In, First Out - LIFO
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