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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: LIFOCompare first-in, first-out.
  2. Computers. LIFO(def 2).
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Origin of last-in, first-out

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