Last-in First-out (LIFO) Method
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Description
A method of computing the cost of goods sold by use of the prices paid for the most recently acquired units. Ending inventory is valued on the basis of prices paid for the units first acquired.
Concept Prerequisite
Wikipedia Reference
http://en.wikipedia.org/wiki/FIFO and LIFO accounting
Learning Material
Covered in Topic(s)
| Inventories & the COGS |