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Quotes of the day:
Truth may be stretched, but cannot be broken, and always gets above falsehood, as does oil above water.
A LIFO liquidation is when a company sells the most recently acquired inventory first. It occurs when a company that uses the last-in, first-out (LIFO) inventory costing method liquidates its older LIFO inventory. A LIFO liquidation occurs when current sales exceed purchases, resulting in the liquidation of any inventory not sold in a previous period.
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