Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain 431 viewsFebruary 6, 2020 0 Darshita6.14K February 6, 2020 0 Comments No, the term last-in in the LIFO is considered as the flow of costs rather than the items remaining in the inventory. The inventory cost will be composed of earliest acquisitions costs and not the most recent acquisitions costs. 0 Answers ActiveVotedNewestOldest Register or Login