TaxBox Newsletter

Keep up-to-date with important tax tips and article updates.

Join TaxBox

Not a member yet? Join the voice of thousands of taxpayers. Ask questions, get answers, receive tips & stay involved. Join TaxBox

TaxBox Search

Search TaxBox articles and knowledge base:

Last In, First Out (LIFO)

Definition of Last In, First Out (LIFO):

An accounting method for inventory valuation that assumes that the newest items are sold first; so, the last ones bought are the first ones sold and ending inventory value is calculated based on the cost of the earliest (oldest) purchases.