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LSDefine

Simple English definitions for legal terms

last-in, first-out

Read a random definition: FMC

A quick definition of last-in, first-out:

LAST-IN, FIRST-OUT: This is a way of keeping track of things that assumes that the last thing you got is the first thing you use or sell. It helps match the costs of things with the money you make from selling them. It's like eating the newest cookies first before the older ones.

A more thorough explanation:

Definition: Last-in, first-out (LIFO) is an accounting method that assumes the most recent purchases are sold or used first, matching current costs against current revenues.

For example, imagine a grocery store that sells bananas. The store receives a shipment of bananas every week. The bananas that were most recently delivered will be sold first, before the older bananas. This is because the newer bananas are assumed to have a higher cost, and the store wants to match those costs with the revenue they generate.

Another example is a warehouse that stores boxes of merchandise. When new boxes are delivered, they are placed on top of the older boxes. When it's time to ship out merchandise, the boxes that were most recently added to the stack will be shipped out first.

These examples illustrate the LIFO method because the most recent items are being used or sold first, which matches their current costs with current revenues.

last illness | last-injurious-exposure rule

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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