Last-in, first-out (LIFO)

From Wikicpa

The LIFO method allocates costs on the assumption that the cost of the last goods purchased are matched against revenue first. If a periodic inventory is used, then it would be assumed that the total quantity sold or issued during the month would have come from the most recent purchases. The ending inventory would be priced by using the total units as a basis of computation and disregarding the exact dates involved.

Also see

First-in, first-out (FIFO)