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LSDefine

Simple English definitions for legal terms

next-in, first-out

Read a random definition: purchase

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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i need to know who decided to do that.
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the devil
youre on a plane??? LSD made the mile high club??
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yo splitterus are you in school already
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it says ur c/o 2027
JumpySubsequentDolphin
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@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
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im back, r u applying this cycle too
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21:32
this child fell asleep on me
JumpySubsequentDolphin
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im so uncomfortable
just push him off the entire seat
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LMAOOOO
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no he’s literally like 8 and he fully just put his head on my bicep and slept
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he has since moved
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@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
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i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
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people were getting excited :sob:
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then someone was like "what does jm stand for" and i was like .. well
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@splitty Oregon!
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haha my brother and sister in law live there
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