last in, first out

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last in, first out

[‚last ′in ‚first ′au̇t]
(industrial engineering)
A method of determining the inventory costs by transferring the costs of material to the product in reverse chronological order. Abbreviated LIFO.
References in periodicals archive ?
There are serious flaws in this discussion draft regarding cost recovery and LIFO accounting that could hurt jobs, American energy production and our energy security.
Proponents of LIFO accounting are concerned with the tax burden faced by firms switching from LIFO.
If the mapmakers can't draw safe districts for each of the 101 Republicans elected last November, they'll be pushed into a kind of political LIFO accounting - last in, first out.
As documented by the calculations asked for, losing the ability to use LIFO accounting can have negative effects to a company's financial ratios.
He points to a substitution of FIFO for LIFO accounting as an example.
Aside from allowing LIFO accounting, it was noted that the disclosure of management compensation would need to be eliminated and the reversal of impairment charges could cause concern on the part of users.
This article highlights the impact of LIFO accounting, widely used in the U.
LIFO accounting then reduces a company's profit on a financial statement and, in turn, reduces potential tax burden.
Because inventories are so important, there are special requirements for taxpayers changing to the LIFO accounting method.
The objective of the LIFO accounting method is to permit taxpayers to properly match their current sales revenues with the current replacement costs and thereby compute--and pay taxes on--a meaningful gross profit amount.
to the item/ cost method of LIFO accounting from the retail LIFO method.
to the item-cost method of LIFO accounting from the retail LIFO method.