last-in, first-out
[
last
-
in
,
furst
-
out
,
lahst
-]
/ˈlæstˈɪn, ˈfɜrstˈaʊt, ˈlɑst-/
noun
1.
an inventory plan based on the assumption that materials constituting manufacturing costs should be carried on the books at the market price of the last lot received.
Abbreviation:
LIFO.
Compare
first-in, first-out
.
2.
Computers.
LIFO
(def 2).
Origin
1935-40