last in first out
- noun a queue system in which the last item stored is the first read
- phrase a redundancy policy using the principle that the people who have been most recently appointed are the first to be made redundant
- noun (written as last-in, first-out)an accounting method in which stock is valued at the price of the latest purchases.
- phrase an accounting method where stock is valued at the price of the earliest purchases. It is assumed that the most recently purchased stock is sold first.