LIFO vs. FIFO
Last-in, First-out Inventory Valuation Method (LIFO)= A method of valuing your inventory that assumes any inventory you sold was from the last inventory you purchased. When you cannot specifically identify items of inventory, and you purchased quantities of inventory at different times for different prices, you must use a method such as LIFO or FIFO (first-in, first-out inventory valuation method) to determine your cost of goods sold and the value of your remaining inventory.
LIFO is an acronim and as such should be written in CAPITAL letters. (All Google search hits were in capital letters!)
The word method is optional - its usage depends on the context.
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