LIFO (Last In, First Out)

[ˈlaɪfoʊ | lɑːst | ɪn | fərst | aʊt]

Last In, First Out (LIFO) is a method that organizations use to account for inventory; and this records products that are most used and sold first. 

Under this method, the cost of the products that have been produced (or purchased) are the first to be expensed as cost of sold; this means that the lower cost of products that are older will be reported as inventory.

Part of speech:
Use in a sentence:
We need to use LIFO to account for inventory.
LIFO (Last In, First Out)