last-in, first-out

[last-in, furst-out, lahst-]
  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: LIFOCompare first-in, first-out.
  2. Computers. LIFO(def 2).

Origin of last-in, first-out

First recorded in 1935–40 Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018