LAST-IN, FIRST-OUT

last-in, first-out.An accounting method that assumes that the most recent purchases are sold or used first, matching current costs against current revenues. — Abbr. LIFO. Cf. FIRST-IN, FIRST-OUT; NEXT-IN, FIRST-OUT. [Cases: Internal Revenue  3105.1. C.J.S. Internal Revenue §§ 27–29, 31–33.]

[Blacks Law 8th]