last-in, first-out

[ last-in, furst-out, lahst- ]
/ ˈlæstˈɪn, ˈfɜrstˈaʊt, ˈlɑst- /

noun

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.
Computers. LIFO(def 2).

Nearby words

  1. last-born,
  2. last-cyclic,
  3. last-ditch,
  4. last-ditch effort,
  5. last-gasp,
  6. last-minute,
  7. lastex,
  8. lasting,
  9. lastingly,
  10. lastly

Origin of last-in, first-out

First recorded in 1935–40

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019