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LSDefine

Simple English definitions for legal terms

next-in, first-out

Read a random definition: fair cash value

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

Next-in, first-out (NIFO) is a way of valuing inventory where the cost of goods is based on their replacement cost instead of their actual cost. This means that the most recently purchased items are assumed to be the first ones sold. It is not a widely accepted accounting principle.

A more thorough explanation:

Definition: Next-in, first-out is a method of inventory valuation where the cost of goods is based on their replacement cost rather than their actual cost. It is not a generally accepted accounting principle. It is abbreviated as NIFO. This method assumes that the most recently purchased items are the first to be sold.

Example: A store uses NIFO to value its inventory. It purchases 100 units of a product at $10 each on January 1 and 200 units of the same product at $12 each on March 1. On May 1, the store sells 150 units of the product. According to NIFO, the cost of goods sold would be calculated as follows: 100 units at $12 each and 50 units at $10 each. This means that the cost of goods sold would be $1,700 (($100 x $12) + ($50 x $10)).

Explanation: In this example, the store used the NIFO method to calculate the cost of goods sold. It assumed that the most recently purchased items (the 200 units purchased on March 1) were the first to be sold. Therefore, it used the cost of those items first when calculating the cost of goods sold. This resulted in a higher cost of goods sold than if the store had used the first-in, first-out (FIFO) method, which assumes that the oldest items are sold first.

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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