LIFO is a balance SHEET valuation technique. It stands for last in-first out principle, i.e. the MATERIAL added to the STOCK in last is valuated first. In this technique, the pricing of old material in stock is not affected by the pricing of new material. In this technique, a layer of stock INCREASED or decreased is created for a fiscal year, on the basis of which the valuation is done. For example, if the stock is increased then a layer is created for that stock. HOWEVER, to use the LIFO, you have to configure it.

LIFO is a balance sheet valuation technique. It stands for last in-first out principle, i.e. the material added to the stock in last is valuated first. In this technique, the pricing of old material in stock is not affected by the pricing of new material. In this technique, a layer of stock increased or decreased is created for a fiscal year, on the basis of which the valuation is done. For example, if the stock is increased then a layer is created for that stock. However, to use the LIFO, you have to configure it.