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. : LIFO Compare first-in, first-out.
2. Computers. LIFO ( def 2 ).

Word History and Origins

Origin of last-in, first-out¹

First recorded in 1935–40