Last In First Out (LIFO) is a principle used in various contexts and refers to a method or system in which the last item or element that enters a particular system or situation is the first one to be removed or processed. It is essentially the opposite of the "First In First Out" (FIFO) principle.
In computer science and data structures, LIFO is commonly used in a stack, which is a linear data structure that follows this principle. The last item that is pushed or added to the stack will be the first one to be popped or removed. It operates on the premise that the most recently added item is the one that needs to be accessed or dealt with immediately.
The concept of LIFO is also applied in inventory management or stock control systems. In this context, it refers to the method of selling or using the most recently obtained, produced, or received items first. For example, in a warehouse, the items that were most recently delivered are the ones that will be taken out and shipped first.
Furthermore, LIFO is applied in accounting methods, particularly in the valuation of inventory or cost of goods sold. It assumes that the items that have been most recently purchased or acquired are the ones that are sold first. This affects the way costs are calculated and recorded, as well as the calculations of profits and taxes.
In summary, Last In First Out (LIFO) is a principle that governs the order in which items or elements are processed, removed, sold, or managed. It is widely employed in computer science, inventory management, and accounting contexts.
