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Frauds and Scams > LIFO
The following information is about LIFO.
LIFO Defined
A method used to determine the cost of a good sold. In making this evaluation, the method assumes that company's newest inventory (last in) is sold first (first out). When prices are rising, a company using the LIFO method will have lower gross profits and taxable income because the cost of goods sold will be higher (the newest inventory was costlier to produce).
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