from The American Heritage® Dictionary of the English Language, 4th Edition
- 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.
Sorry, no etymologies found.
Sorry, no example sentences found.