LIFO

views updated May 17 2018

LIFO

An abbreviation for last in, first out, a method used in inventory accounting to value the merchandise of a particular business.

LIFO assumes that the last goods purchased are the first sold and, as a result, those items that remain unsold in the inventory at the end of the year are assumed to be those which were purchased first.

cross-references

FIFO.

West's Encyclopedia of American Law

LIFO

views updated Jun 27 2018

LIFO or lifo Acronym for last in first out. LIFO list is another name for stack. A stack implemented in hardware is sometimes referred to as a lifo.

A Dictionary of Computing JOHN DAINTITH

LIFO

views updated May 23 2018

LIFO (ˈlaɪfəʊ) Accounting, Computing last in, first out

The Oxford Dictionary of Abbreviations FRAN ALEXANDER , PETER BLAIR , JOHN DAINTITH , ALICE GRANDISON , VALERIE ILLINGWORTH , ELIZABETH MARTIN , ANNE STIBBS , JUDY PEARSALL , and SARA TULLOCH