A rule that applies to the sale of part of a group of similar items in an inventory that assumes the last ones acquired were the first ones sold. This is important if the items in the group were acquired or manufactured at different times or for different costs. (See “First-in, first-out (FIFO).”)
Last-in, first-out (LIFO)
January 25th, 2008 · No Comments
Tags: Tax Glossary
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