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.
last-in, first-out (lāst'ĭn' fûrst'out') n. A method of inventory accounting in which the most recently acquired items are assumed to have been the first sold. In a period of rising prices, this method yields a lower ending inventory, a higher cost of goods sold, a lower gross profit (assuming constant price), and a lower taxable income. Also called LIFO.
phr. last in, first out. (Computers. Acronym. Refers to the order of data put in and returned from the processor.) : I can't remember whether the stack is LIFO or FIFO.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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[lahy-foh] 
