zackmcnelly659
Answered

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What does the phrase “last in, first out” mean?

Sagot :

familyfam1604

Explanation:

LIFO stands for “Last-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The LIFO method assumes that the most recent products added to a company's inventory have been sold first. The costs paid for those recent products are the ones used in the calculation.

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