last in, first out
noun[U]
ukus(abbreviationLIFO)ACCOUNTING
amethodused tocalculatethevalueofproductsormaterials, in which the lastonesthat areboughtareconsideredto be the first that aresoldor used. At the end of theyear, thevalueof theonesthat have not beensoldor used iscalculatedusing theearliestpricethat waspaid:
Intimesofinflation, manycompaniesswitchto a "last in, first out"accountingmethod, inordertoavoidpayingtaxonprofitsthatappearhigher.
PRODUCTION
amethodofcontrollingstock, in which the lastproductsormaterialsthat areproducedorboughtare the first that aresoldor used
IT
thesystemby which acomputerreadsanddealsfirst withdatathat isreceivedlast
HR
thesituationin which, when acompanyneedstoreducethenumberofemployees, the lastpeoplewho wereemployedare the first tolosetheirjobs:
The last-in, first-outredundancypolicyused to bestraightforwardtoapplybut therecentagediscriminationlegislationhas made themattermorecomplex.
Compare
first in, first out