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