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).

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