LIFO, an acronym for "Last In First Out", may refer to:
LIFO may also refer to:
LiFO is a free magazine published and distributed for free every Thursday in Athens, Greece. It contains articles with general socio-political content, articles on the matters of the city of Athens, interviews, reportages and information about events in Athens as well as with articles about cinema, theatre and books. The creator of the magazine is Stathis Tsagkarousianos.
The magazine often organizes free admission parties with live concerts. The magazine organized the live reunion concert of the Greek electronic music band Stereo Nova at the LIFO Party on December 5, 2008.
www.lifo.gr is one of Greece's leading content websites with more than 4,8 million unique visitors per month and it is amongst the top 5 Greek websites. It covers news, opinion articles, and current events from Greece.
FIFO and LIFO methods are accounting techniques used in managing inventory and financial matters involving the amount of money a company has tied up within inventory of produced goods, raw materials, parts, components, or feed stocks. These methods are used to manage assumptions of cost flows related to inventory, stock repurchases (if purchased at different prices), and various other accounting purposes.
"FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold. In other words, the cost associated with the inventory that was purchased first is the cost expensed first. With FIFO, the cost of inventory reported on the balance sheet represents the cost of the inventory most recently purchased.
Consider this example: Foo Co. had the following inventory at hand, in order of acquisition in November:
If Foo Co. sells 210 units during November. The company would expense the cost associated with the first 100 units at $50 and the remaining 110 units at $55. Under FIFO, the total cost of sales for November would be $11,050. The ending inventory would be calculated the following way:
Verse 1:
A thought in my head, I think
Of something to do
Expressions tell everything
I see one on you
Chorus:
Whoa-oh-oh-oh, my love she comes in colors
You can tell her from the clothes she wears
Verse 2:
When I was invisible
I needed no light
You saw right through me, you said
Was I out of sight?
[repeat chorus]
[repeat chorus]
[repeat chorus]
Verse 3:
When I was in England town
The rain fell right down
I looked for you everywhere
'Til I'm not around
[repeat chorus]