Last-in, First-out Definition
lăstĭn fûrstout
noun
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.
American Heritage
Webster's New World
Synonyms:
adjective
(accounting, computing, business) Of or pertaining to any situation where the last to arrive is the first to go.
Wiktionary
(accounting, computing, business) Of or pertaining to any situation where the last to arrive is the first to go, or a data structure where the most recently added item is the first to be retrieved.
Wiktionary
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