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1.
Last In First Out. Referring to a co-worker that arrives the latest but always leaves the earliest. Working aproximately 4 hrs a day. This person can be an assclown but the majority of them are boat anchor.
Damn!!! ... John sure is a LIFO
by FynACK/DCHO September 26, 2003
 
2.
Acronym. "Last in first out". Origianating from stock control methods and cost accounting. The opposite of FIFO (first in first out)
We issue stock using lifo
by Kung-Fu Jesus April 26, 2004