LIFO

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LIFO

An abbreviation for last in, first out, a method used in inventory accounting to value the merchandise of a particular business.

LIFO assumes that the last goods purchased are the first sold and, as a result, those items that remain unsold in the inventory at the end of the year are assumed to be those which were purchased first.

Cross-references

FIFO.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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'The question now is, how relevant and crucial is this queuing server?
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Nelson, "Introduction to Queuing Networks," John Wiley and Sons, 1987.
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Although, to be fair to our queuing heritage, a recent visit to the USA confirmed that the Americans have taken it over and modified it to an art form.
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The ticketing system of queuing to pay at kiosks and then queuing to go through a barrier clearly needs reviewing and adapting.
A new smartphone-based ticketing and queuing solution from Lo-Q (AIM:LOQ), a provider of virtual queuing systems for theme parks and other attractions, is to be piloted at The London Eye, the company announced today.
I have a queuing stance - weight on one foot, alternating as required.