Last in, first out (LIFO) is a method used to account for inventory that records the most recently produced items as sold first.

Dim sum is a traditional Chinese meal made up of small plates of dumplings and other snack dishes and is usually accompanied by tea. Similar to the way that the Spanish eat tapas, the dishes are ...

How to calculate an inventory item using First In, First Out (FIFO) and Last In, First Out (LIFO)—and consider the results of each on the balance sheet.