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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References in periodicals archive

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first-in, first-out (FIFO)
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On behalf of Tax Executives Institute (TEI), I am writing to urge that the Last-In, First-Out (LIFO) inventory

TEI urges retention of the LIFO inventory method by Tax Executive

The dollar-value, last-in, first-out (LIFO) inventory system is complex and presents many opportunities for error.

Changing an impermissible LIFO method by Smith, Maureen H. / The Tax Adviser

Note: The Company's inventories are determined by the retail method on the last-in, first-out (LIFO) basis.

Wilsons Leather Announces Third Quarter 2003 Results by Business Wire

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Last In, First Out - LIFO
last notice day
last sale
last sale rule
Last split
last trading day
Last Twelve Months - LTM

last-in, first-out (LIFO)
Last-Sale Reporting
Late charge
late tape
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Late-Day Trading
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Launder

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