Perpetual inventory LIFO

Perpetual inventory LIFO,

Definition of Perpetual inventory LIFO:

  1. A manual or automated inventory accounting system where inventory is accounted for in last-in, first-out basis with adjustments, delivery, and movements received being updated as they occur. For example, a company that takes in equipment from other companies that have been going through bankruptcy will utilize this method to move the products last acquired first before seeing what is left in inventory.

Meaning of Perpetual inventory LIFO & Perpetual inventory LIFO Definition