Meaning of last-in, first-out

last-in first-out

Pronunciation: (last'in', fûrst'out', läst'-), [key]
  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. Abbr.: LIFO Cf.
  2. See(def. 2).
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.