Last In First Out principle

The Last In First Out (LIFO) principle means that the most recent items added to a collection are the first ones to be removed or used. Imagine stacking plates: the last plate you place on top is the first you take off. This approach is common in inventory management and accounting, where newer stock is accessed or sold before older stock. LIFO helps manage inventory, especially when prices are rising, by valuing the most recent purchases first. Overall, LIFO emphasizes removing the newest items first, maintaining an organized and logical flow.