Last -...

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Last-in, first-out . The last-in, first-out (LIFO) method assumes the last units purchased are the first  to be sold. Therefore, the first units purchased always remain in inventory. This method usually  produces different results depending on whether the company uses a periodic or perpetual system. 
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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