[ noun ] inventory accounting in which the most recently acquired items are assumed to be the first sold <noun.act>
Long-time OPEC watchers have given him the nickname of LIFO _ last in, first out.
For instance, investors prefer correctly a switch from FIFO to LIFO since the after-tax cash flows increase though reported earnings are frequently lowered.
A spokesman said the company had a 1986 pre-tax profit, excluding non-recurring items and LIFO benefits, of $159 million.
Year-earlier results included a $50 million loss from discontinued businesses and gains of $39 million and $27 million, respectively, from pension changes and LIFO credits.
I learn how to set up FIFO and LIFO balance sheets and use straight-line and accelerated depreciation.