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What is LIFO?
Assuming the newest is sold first for .
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Simple Definition
LIFO (last-in, first-out) assumes the most recently purchased items are sold first, so COGS reflects recent costs and ending may reflect older costs.
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Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
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