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LIFO

   Also found in: Legal, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.43 sec.
LIFO  (lf)
n.
See last-in, first-out.
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.LIFO - inventory accounting in which the most recently acquired items are assumed to be the first sold
last in first out
inventory accounting - accounting that controls and evaluates inventory
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In this consolidated case, the taxpayers owned a group of four S corporations that had used the link-chain, dollar-value method of valuing LIFO inventory for at least 10 previous tax years.
Change in accounting method vs. correction of an error by Schuth, Michael R. / The Tax Adviser
Boyle submitted the following letter to Senators Charles Grassley and Max Baucus, Chair and Ranking Member of the Senate Finance Committee, respectively, urging retention of the LIFO method of accounting.
TEI urges retention of the LIFO inventory method by Tax Executive
The 2006 fiscal year financial results include in cost of sales a pre-tax LIFO expense amount of $94.
Reliance Steel & Aluminum Co. Reports Record 2006 Fiscal Year ... by Business Wire
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