LIFO cost
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LIFO cost — Abbreviation for last in first out cost … Big dictionary of business and management
Cost of goods sold — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
LIFO Reserve — The difference between the FIFO and LIFO cost of inventory for accounting purposes. The LIFO reserve is an account used to bridge the gap between FIFO and LIFO costs when a company is using FIFO but would like to report LIFO in its financial… … Investment dictionary
LIFO — is an acronym which stands for last in, first out. In computer science and queueing theory this refers to the way items stored in some types of data structures are processed. By definition, in a LIFO structured linear list, elements can only be… … Wikipedia
LIFO — ☆ LIFO [lī′fō΄ ] n. [l(ast) i(n), f(irst) o(ut)] a method of valuing inventories in which items sold or used are priced at the cost of the most recent acquisitions and those remaining are valued at the cost of earliest acquisitions: cf. FIFO … English World dictionary
LIFO Liquidation — When a company using the LIFO (Last In, First Out) method of inventory costing liquidates their older LIFO inventory. A LIFO liquidation would occur if current sales are higher than current purchases, as a result, any inventory not sold in… … Investment dictionary
LIFO — last in, first out (LIFO) One of the methods for accounting for business inventory permitted by generally accepted accounting principals ( GAAP). American Banker Glossary ( last in, first out) An accounting method that fixes the cost of goods… … Financial and business terms
last-in-first-out cost — LIFO cost A method of valuing units of raw material or finished goods issued from stock by using the latest unit value for pricing the issues until all the quantity of stock received at that price is used up. The next earliest price is then used… … Accounting dictionary
last-in-first-out cost — LIFO cost A method of valuing units of raw material or finished goods issued from stock by using the latest unit value for pricing the issues until all the quantity of stock received at that price is used up. The next earliest price is then used… … Big dictionary of business and management
Cost accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
