last-in first-out

adjective

Definition of last-in first-out 

: of, relating to, or being a method of inventory accounting that values stock on hand according to costs at the time of acquisition and not according to the cost of replacement

First Known Use of last-in first-out

1934, in the meaning defined above

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The first known use of last-in first-out was in 1934

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last in, first out

adjective

Legal Definition of last in, first out 

: being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked — compare first in, first out

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