Dictionary of Procurement Terms

Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1-1 of 1 result for “Last In-First Out (LIFO)”

  • Last In-First Out (LIFO)

    A warehousing inventory term used to indicate that the latest received materials are to be used first, and the materials received earlier are to be left on hand. See also: First In, First Out.

    See Also: First In, First Out (FIFO)
Advertisement
Advertisement

SUGGESTIONS FOR THE DICTIONARY

 

Is there a term missing from our dictionary?

 

Does a more concise or relevant definition apply?

 

Submit your comments/suggestions to our editorial board at dictionary@nigp.org