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“Last In, First Out” (LIFO) is a principle or method often used in different contexts. Here are some common meanings depending on the context you mean:
1. In Accounting / Inventory Management:
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LIFO is an inventory valuation method where the most recently acquired items (the “last in”) are the first ones to be used or sold (the “first out”).
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This affects the cost of goods sold and ending inventory valuation.
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For example, if a company buys inventory at different prices over time, under LIFO, the latest purchases (usually at the most recent prices) are considered sold first.
2. In Computer Science / Data Structures:
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LIFO is a way of organizing data, specifically in a stack.
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The last item pushed (added) onto the stack is the first item popped (removed).
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Think of a stack of plates: the last plate you put on top is the first one you take off.
3. In General Use:
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The phrase "last in, first out" can be used metaphorically to describe situations where the most recent additions or entries are handled or removed first.
Would you like me to explain how LIFO works with an example in any of these areas? Or maybe how it contrasts with FIFO (First In, First Out)?
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