Last In First Out (LIFO) – Materials and Inventory Costing Method: Learning Objectives: Define and explain last in first out (LIFO) method. Give an example of LIFO costing method What are advantages and disadvantages of LIFO method? Definition and explanation of LIFO method Example
Disvantages of LIFO
LIFO means last in first out. It is an asset-management and evaluation method that take responsibility to assets produced or acquired last are the ones that are used, sold or disposed of first.