The term LIFO is the English acronym for Last In, First Out (“last in, first out” or UEPS), also known as FILO which is the acronym for First In, Last Out (“first in, last out”). It can have different meanings depending on the context.

In computer science, the term LIFO is used in data structures and queuing theory. It is analogous to a stack of plates, in which the plates are placed one on top of the other, and if you want to take one out, you take out first the last one that has been placed.

LIFO is the algorithm used to implement stacks (Stack (data structure)).

In accounting, LIFO is a method of recording the value of inventory. Its use is appropriate when there are several batches of the same product. This method assumes that, for costing purposes, the item to be removed from the warehouse is the newest of its kind. Since prices generally rise over time, this method records the sale of the most expensive item and can be used to pay less taxes. The General Accounting Plan (Spain) "General Accounting Plan (Spain)") (PGC) 2008 does not support it.

In maritime transportation, Liner In Free Out (LIFO) is a “line term” or condition that the shipping company includes in a transportation contract and that specifies who bears the costs of loading on board at the port of origin and unloading at the port of destination in freight calculations.

Liner In determines that it is the carrier owner who pays for the loading operation.

Free Out, the unloading costs are borne by the merchandise, that is, the receiver or consignee.