In terms of accounting policies, firms using the last-in, first-out (LIFO) inventory cost valuation are more closely matching costs and prices in an inflationary environment.
Romanticizing the young, energetic, passionate (read: cheap) teacher, he has made eliminating seniority preferences in layoffs (aka, lastin, first out or LIFO) his pet cause (it has been stymied for the time being by the state legislature).