Last In First Out (LIFO) Method Definition: A method that operates under the assumption that materials issued should carry the cost of the most recent purchase, although the physical flow may actually be different. In other words, the last receipt of materials are issued
Last In First Out (LIFO) Definition
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.