Imagine a stack of books; the last one you put on the pile is the first one you'll take off.

Visual Imagery

Think of practical situations, like organizing tasks or lining up, where this phrase can apply.

Daily Applications

Realize that this accounting practice impacts the reported earnings due to changing inventory costs.

Understand that during inflation, LIFO shows higher costs and lower profits.

Recognize the physical inventory might rotate differently than LIFO accounting reflects.

Remember, in computing 'stacks' and 'undo' functions are examples of this principle.

Know that this method ensures the most recent action is the first to be reversed or removed.