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LSDefine

Simple English definitions for legal terms

next-in, first-out

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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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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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