LIFO
Last-In, First-Out (LIFO):
(1) An inventory valuation method that assumes the newest inventory (last-in) is sold first (first-out) (vs. FIFO).
(2) The method of determining the taxable portion of a random withdrawal from an annuity. Taxable earnings are treated as being withdrawn before the tax-free return of contributions.
(1) An inventory valuation method that assumes the newest inventory (last-in) is sold first (first-out) (vs. FIFO).
(2) The method of determining the taxable portion of a random withdrawal from an annuity. Taxable earnings are treated as being withdrawn before the tax-free return of contributions.
Updated on: 24/04/2023
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