What is the full form of "LIFO"?

A. Loan Incentive Financial Organizer

B. Labour Incentive Finite

C. Last In, First Out

D. Last Income Financial Outsourcing

Answer: Option C

Solution(By Examveda Team)

Last in, first out (LIFO) is a method used to account for inventory. Under LIFO, the costs of the most recent products purchased (or produced) are the first to be expensed. LIFO is used only in the United States and governed by the generally accepted accounting principles (GAAP).