MLchartDataset catalogue

LIFO

Term · Law · MLC-T-LAW-003048

An acronym for "Last-In, First-Out," an inventory accounting method that assumes the most recently purchased or produced items are the first ones sold. This method impacts the calculation of the cost of goods sold and the valuation of remaining inventory. LIFO is permitted under U.S. Generally Accepted Accounting Principles (GAAP) but is prohibited under International Financial Reporting Standards (IFRS).

Table 1. Record
IdentifierMLC-T-LAW-003048
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003048",
  "term": "LIFO",
  "field": "Law",
  "definition": "An acronym for \"Last-In, First-Out,\" an inventory accounting method that assumes the most recently purchased or produced items are the first ones sold. This method impacts the calculation of the cost of goods sold and the valuation of remaining inventory. LIFO is permitted under U.S. Generally Accepted Accounting Principles (GAAP) but is prohibited under International Financial Reporting Standards (IFRS).",
  "url": "https://mlchart.com/terminology/law/lifo/"
}

Record 3,002 of 5,441 in Law terminology (MLC-0107). Request the full dataset.