LIFO stands for last in, first out. This means that newer inventory is sold first, and older inventory is kept longer.
Imagine a stack of cups. The ones closer to the top were stacked the most recently. When someone decides to take a cup, he'll take it from the top, right? That means he's going to get the cup that was placed in the stack more recently than the others. In other words, the last cup that was added in is the first cup that is taken out.
Coincidentally, many accountants reference the term LIFO when explaining that they are, in fact, the LIFO the party, which only further highlights the fact that accountants tend to have a terrible sense of humor.
This is what you've been told:
Right after updating your inventory records, customers bought 105 dishwashers.
Your inventory of dishwashers was purchased in different quantities and at different prices, as shown below: