last-in, first-out


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last-in, first-out

(lăst′ĭn′ fûrst′out′)
n.
A method of inventory accounting in which the cost of the latest units to enter the inventory is matched with the income from the first units sold. Also called LIFO.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

last′-in′, first′-out′


n.
1. a method of handling inventory costs at the price of the earliest items, assuming that items purchased last will be sold first. Abbr.: LIFO Compare first-in, first-out.
[1935–40]
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.