Last in first out (LIFO) is used to manage assumptions of inventory valuation that the first good withdrawn from inventory of produced goods, raw materials, or feed stocks are the last one which entered. The value of the inventory at the end of an accounting period of a LIFO method is based on the value of items purchased earliest. (Opposite of the FIFO (First In First Out), Refer to the LIFO (Liner In / Free Out))
Related Definitions in the Project: The Commercial Definitions
