DOLLAR VALUE LIFO Definition

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DOLLAR VALUE LIFO, in the U.S., is a method of expressing the value of an inventory in monetary values rather than units. Each homogeneous group of inventory items is converted into base-year prices by using the appropriate price indices. The difference between opening and closing inventories is a measure in monetary terms of the change in the financial period.

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ESTIMATION SAMPLING is sampling to estimate the actual value of a population characteristic within a range of tolerable misstatement.

ASSOCIATE, in business, is a person brought together with a company or another person into a relationship in any of various intangible ways.

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