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TeachMeFinance.com - explain LIFO LIFO -- an acronym for last in first out. As applied to the thrift industry, it is an accounting method to determine interest earned on savings accounts whereby any withdrawals are deemed to be taken from the most recent deposits. As applied to business in general, LIFO refers to a method of establishing the value of inventories whereby the price of the last incoming shipment of a particular item is used to place an inventory value on all shipments of the item in a given period. Also see FIFO. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.