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. first-in, first-out.
2. Computers.See LIFO (def. 2).
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.