LIFO Definition

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LIFO (last-in, first-out) is an inventory cost flow whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased.

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LEGALLY MANDATED is that which is required by law, e.g. the ratio of majority inhabitant vs. minority new-hire quotas in a legislated work environment.

TWO PARTY ENDORSEMENT, normally, is when two signatures are required to make a document or bank draft legal or authorized.

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