last in, first out

last-in, first-out

[last-in, furst-out, lahst-]
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

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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