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Related to first-in, first-out: last in first out
first-in, first-out[¦fərst ′in ¦fərst ′au̇t]
An inventory cost evaluation method which transfers costs of material to the product in chronological order. Abbreviated FIFO.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.