last-in first-out method

...The first-in, first-out method (FIFO) is a method for determining cost of sales (cost of goods paid out) and ending inventory under the assumption that the first items received (including items carried over from the previous period) are sold in order. In contrast, the last-in, first-out method (LIFO) is a method for determining cost of sales and ending inventory under the assumption that the most recently received items are sold in order, the opposite of the first-in, first-out method. Both are calculation methods for fungible inventory assets that separate the flow of value from the actual flow of goods and are based on the assumption that items are sold in the order of receipt or in the opposite order of receipt. ...

*Some of the terminology explanations that mention the "last-in first-out method" are listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…〈先入先出法first‐in first‐out method(fifo)〉とは，最初に受け入れたもの(前期繰越分も含む)から順次売り上げられるという仮定のもとで売上原価(払出原価)と期末棚卸高を決定する方法である。これに対して〈後入先出法last‐in first‐out method(lifo)〉とは，先入先出法とは逆に，最も新しく受け入れたものから順次売り上げられるという仮定のもとに売上原価と期末棚卸高を決定する方法である。いずれも代替性をもつ棚卸資産に関して，価値の流れを実際の物の流れと切り離して，〈受入順に〉または〈受入順とは逆に〉売り上げられるという仮定に基づく計算方法である。…

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