What is PERPETUAL INVENTORY LIFO?

An automatic, or manual system of inventory accounting in which the inventory is accounted using a last in, first out based in which any deliveries or adjustments are made as soon as they take place.

More On This Topic



Link to This Definition
Did you find this definition of PERPETUAL INVENTORY LIFO helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary