last in, first out

last in, first out
last in, first out ( LIFO)
One of the methods for accounting for business inventory permitted by generally accepted accounting principals ( GAAP). American Banker Glossary
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( LIFO)
An accounting method that fixes the cost of goods sold to the most recent purchases. Hence, if prices are generally rising, LIFO will lead to lower accounting profitability. Bloomberg Financial Dictionary

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last in, first out last ˌin, first ˈout abbreviation LIFO noun [uncountable]
1. ACCOUNTING a method of calculating the value of goods or materials held in stock, based on the principle that those put in stock last are the first ones sold or used. Any stock that is left at the end of the year is valued at the cost of the first goods bought:

• Stocks were valued according to the last in, first out principle.

— compare first in, first out
2. HUMAN RESOURCES a system used by companies who are reducing the number of people working for them, in which the people who joined the company most recently lose their jobs first:

• The company were firing people on the last in, first out basis.

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last in, first out UK US noun [U] (ABBREVIATION LIFO)
ACCOUNTING a method used to calculate the value of products or materials, in which the last ones that are bought are considered to be the first that are sold or used. At the end of the year, the value of the ones that have not been sold or used is calculated using the earliest price that was paid: »

In times of inflation, many companies switch to a ""last in, first out"" accounting method, in order to avoid paying tax on profits that appear higher.

PRODUCTION a method of controlling stock, in which the last products or materials that are produced or bought are the first that are sold or used
IT the system by which a computer reads and deals first with data that is received last
HR the situation in which, when a company needs to reduce the number of employees, the last people who were employed are the first to lose their jobs: »

The last-in, first-out redundancy policy used to be straightforward to apply but the recent age discrimination legislation has made the matter more complex.

Compare FIRST IN, FIRST OUT(Cf. ↑first in, first out)

Financial and business terms. 2012.

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Look at other dictionaries:

  • Last In, First Out — Algorithmes d ordonnancement EDF • Rate monotonic • Round robin LIFO • FIFO Last In, First Out, souvent abrégé par l acronyme …   Wikipédia en Français

  • Last In - First Out — Last In – First Out (LIFO) (engl. „zuletzt herein – zuerst hinaus“) (auch als LIFO bezeichnet), gleichbedeutend mit Last Come, First Served bzw. LCFS, bezeichnet die Art, in der Daten in einem Stack bzw. Kellerspeicher abgelegt und wieder… …   Deutsch Wikipedia

  • Last In – First Out — (LIFO) (engl. „zuletzt herein – zuerst hinaus“) (auch als LIFO bezeichnet), gleichbedeutend mit Last Come, First Served bzw. LCFS, bezeichnet die Art, in der Daten in einem Stack bzw. Kellerspeicher abgelegt und wieder abrufbar sind. Das LIFO… …   Deutsch Wikipedia

  • last in, first out — adj: being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked compare first in, first out Merriam… …   Law dictionary

  • Last in, first out — Last In, First Out, souvent abrégé par l acronyme LIFO, signifie « dernier arrivé, premier sorti ». Cette expression est utilisée en informatique pour décrire une manière de traiter un groupe de données. La dernière donnée ajoutée à la… …   Wikipédia en Français

  • last-in, first-out — last′ in′, first′ out′ n. 1) bus a method of handling inventory costs at the price of the earliest items, assuming that items purchased last will be sold first Abbr.: LIFO Compare first in, first out 1) 2) cmp LIFO • Etymology: 1935–40 …   From formal English to slang

  • last in first out — (LIFO) A method of selecting employees for redundancy on the basis of their length of service, with those who have the least service being chosen first. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • last-in,first-out — last in, first out (lăstʹĭnʹ fûrstʹoutʹ) n. A method of inventory accounting in which the most recently acquired items are assumed to have been the first sold. In a period of rising prices, this method yields a lower ending inventory, a higher… …   Universalium

  • last-in, first-out — n. A method of inventory that assumes that the goods most recently bought are the first ones to be sold, and that goods still in inventory at the end of the year are the ones bought long ago. See also first in, first out abbrv. LIFO The Essential …   Law dictionary

  • Last in, First out — Last in, First out,   LIFO …   Universal-Lexikon

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