### Question
What does LIFO method mean?


### Answer
**LIFO method** has the following meaning in *26 U.S.C. § 474*:

> the method provided by section 472(b)

#### Citation:
  - *26 U.S.C. § 474*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart D-Inventories**

