last-in, first-out

American  

[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. LIFO

2. Computers. LIFO.

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Etymology

Origin of last-in, first-out

First recorded in 1935–40

Example Sentences

The company uses last-in, first-out accounting, a method that counts the most recently produced items as sold first.

From Barron's

That may lead to a reversal of the typical “last-in, first-out” pattern that has been common in other downturns.

From New York Times

Because of funding cuts during the recession and “last-in, first-out” seniority rules, Melvoin was laid off and had to return as a long-term substitute teacher before he was officially rehired.

From Los Angeles Times

Treu’s decision would have ended tenure as well as the practice of “last-in, first-out,” which typically results in districts laying off less-experienced teachers during budget cuts — regardless of how well they do in their job.

From Los Angeles Times

The House GOP released an offer sheet that put $125 million more in the mix but called for changes to the “last-in, first-out” teacher layoff law.

From Washington Times