last in first out Antonyms

No Synonyms and anytonyms found

Meaning of last in first out

Wordnet

last in first out (n)

inventory accounting in which the most recently acquired items are assumed to be the first sold

last in first out Sentence Examples

1. In a last in first out (LIFO) inventory system, the items that are purchased last are the first ones to be sold.
2. The LIFO method is often used for tax purposes, as it can help to reduce taxable income.
3. LIFO can also be used for financial reporting purposes, although it is not as common as the first in first out (FIFO) method.
4. The LIFO method can be more complex to manage than the FIFO method, as it requires tracking the cost of each individual item purchased.
5. In a LIFO system, the cost of goods sold is based on the cost of the most recently purchased items.
6. The LIFO method can result in a higher cost of goods sold in periods of rising prices, and a lower cost of goods sold in periods of falling prices.
7. The LIFO method can also result in a higher inventory value in periods of rising prices, and a lower inventory value in periods of falling prices.
8. The LIFO method can have a significant impact on a company's financial statements, and it is important to consider the potential implications before adopting this method.
9. The LIFO method is not permitted for use in some countries, such as the United Kingdom.
10. The LIFO method is a controversial accounting method, and there are strong arguments for and against its use.

FAQs About the word last in first out

What is the meaning of the word last in first out

inventory accounting in which the most recently acquired items are assumed to be the first sold

What are the synonyms of the word last in first out

No synonyms found.

What are the antonyms of the word last in first out

No antonyms found.

What is the usage of word last in first out

In a last in first out (LIFO) inventory system, the items that are purchased last are the first ones to be sold.

The LIFO method is often used for tax purposes, as it can help to reduce taxable income.

How to use the word last in first out in a sentence?

LIFO can also be used for financial reporting purposes, although it is not as common as the first in first out (FIFO) method.

The LIFO method can be more complex to manage than the FIFO method, as it requires tracking the cost of each individual item purchased.