// definition
LIFO
Last in, first out
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Short definition
An inventory accounting method that assigns the costs of the most recent purchases to cost of sales first. It describes a cost-flow assumption, without dictating the physical order in which goods leave a warehouse. A valuation difference between methods is not a cash reserve.
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Knowledge map
Primary sources
- Kennametal, 2026 10-KNotes 2 and 7: accounting policies and the reconciliation from current cost to carrying value.