last-in, first-out (lăstʹĭnʹ fûrstʹoutʹ) n.
A method of inventory accounting in which the most recently acquired items are assumed to have been the first sold. In a period of rising prices, this method yields a lower ending inventory, a higher cost of goods sold, a lower gross profit (assuming constant price), and a lower taxable income. Also called LIFO.

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Universalium. 2010.

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