What is LIFO?
LIFO (Last In - First Out) refers to a process by which goods are stored in a certain way. In this case, the goods that were stored last are also retrieved first.
When prices are rising, such as for gasoline or coal, the LIFO method is often used to keep the value of the company low. Under this method, similar assets are valued on a permanent or accrual basis.
More to:
