LIFO method definition

LIFO method. (last in-first out) is the inventory management method by which the origin of the number of fungible goods or materials last received in the inventory is considered to be the origin of the same number of fungible goods or materials first withdrawn from the inventory; or
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LIFO method means the method by which the origin of fungible goods last received in finished goods inventory is considered to be the origin of fungible goods first withdrawn from finished goods inventory. (méthode DEPS)
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LIFO method means the method by which the origin of fungible materials last received in materials inventory is considered to be the origin of fungible materials first withdrawn from materials inventory. (méthode DEPS)
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Examples of LIFO method in a sentence

  • If the partner- ship is not otherwise required to deter- mine the inventory amount of the in- ventory using the LIFO method (the LIFO value) on the recapture date, the partnership may determine the lookthrough LIFO recapture amount as though the FIFO and LIFO values of the inventory on the recapture date equaled the FIFO and LIFO values of the opening inventory for the partner- ship’s taxable year that includes the recapture date.

  • A partnership interest is a lookthrough partnership interest if the partnership owns (directly or indirectly through one or more partnerships) assets ac- counted for under the last-in, first-out (LIFO) method (LIFO inventory).

  • The excess of current cost over LIFO inventory value and the impact of using the LIFO method on earnings are not material.

  • Inventories Inventories are stated at the lower of cost or market, cost being determined principally by the last-in, first-out (LIFO) method of inventory valuation, and market on the basis of the lower of replacement cost or estimated net proceeds from sales.

  • In the case of inventories to be accounted for on the last-in-first-out ("LIFO") method, the Company shall take all reasonable measures to ensure the continued use of the LIFO method and avoid the liquidation of LIFO reserves.

  • The Company believes the LIFO method more fairly presents the results of operations by more closely matching current costs with current revenues.

  • However, if a corporation changes its method of ac- counting for inventory (for example, from the FIFO method to the LIFO method or from the LIFO method to the FIFO method) with a principal pur- pose of avoiding the tax imposed under section 1374, it must use its former method to identify its dispositions of inventory.

  • Liquid fuel Inventory is reflected at the lower of cost, using the last-in, first-out (LIFO) method, or market.

  • Merchandise inventories are valued at the lower of cost or market as determined primarily by the retail inventory method, and are stated using the last-in, first-out (LIFO) method for substantially all U.S. merchandise inventories.

  • Sick leave shall be used based upon the last in, first out (LIFO) method.


More Definitions of LIFO method

LIFO method means the method by which the value of non-originating materials, determined in accordance with subsection 4(2) of these Regulations, last received in materials inventory, is considered to be the value of non-originating materials used in the production of the good first shipped to the buyer of the good. (méthode DEPS)
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LIFO method. ’ means the method by which the value of non-originating mate- rials last received in materials inventory, determined in accordance with section
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Related to LIFO method

  • Alternative method means any method of sampling and analyzing for an air pollutant that is not a reference or equivalent method but that has been demonstrated to the satisfaction of the commissioner and the U.S. EPA to, in specific cases, produce results adequate for a determination of compliance.

  • Reference method means any direct test method of sampling and analyzing for an air pollutant as specified in 40 CFR 60, Appendix A*.

  • Settlement Method means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company.

  • Payment Method means, in relation to any sum stated to be payable or paid pursuant to the Agreement, account name, account number, bank name, swift code, bank code and branch code or wallet address, in the case of a sum stated to be payable or paid by cryptocurrency specified by the payee of such sum at least five Business Days prior to the date of payment to the payee and in the case of Coinllectibles to the account notified to the payer from time to time and the payment of the Sale Price to Coinllectibles, which shall be paid by the Purchaser as soon as practicable after each sale of the DOT.

  • Equivalent method means any method of sampling and analyzing for an air pollutant that has been demonstrated to the satisfaction of the commissioner and the U.S. EPA to have a consistent and quantitatively known relationship to the reference method under specific conditions.