Last-In-First-Out (LIFO)

A method of valuing inventory that uses the cost of the most recent item in inventory first.

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LIFO (Last-in-first-out)
The last-in-first-out inventory valuation methodology. A method of valuing inventory that uses the cost of the most recent item in inventory first.

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Omnibus Account

An account carried by one futures commission merchant with another futures commission merchant in which the transactions of two or more persons are combined and carried in the name of the originating broker rather than designated separately.


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