last-in first-out

adjective

ˈlast-ˈin-ˈfərst-ˈau̇t 

: of, relating to, or being a method of inventory accounting that values stock on hand according to costs at the time of acquisition and not according to the cost of replacement

Examples of last-in first-out in a Sentence

Recent Examples on the Web

Wyden also proposes to eliminate an accounting benefit, known as last-in first-out, or LIFO, that can deliver tax breaks for oil and gas companies with at least $1 billion in revenue starting in 2023. —Laura Davison, Bloomberg.com, 14 June 2022

Word History

First Known Use

1934, in the meaning defined above

Legal Definition

last in, first out

adjective

: being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked compare first in, first out