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Related Definitions
Last-in, First-out (LIFO) Last-in, First-out (LIFO) method is an inventory costing method that assumes the costs of the latest units purchased are the first to be allocated to cost of goods sold.
First-in, first-out (FIFO) First-in, first-out (FIFO) method is an inventory costing method that assumes that the costs of the earliest goods purchased are the first to be recognized as cost of goods sold.
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