Taxable part of an annuity withdraw?

About 10 years ago I took out an regular variable annuity. I deposited $100,000.00 in it.. I let it ride until 2008 and started to make with drawls from it. In 2008 I with drew $72,000. The balance after the withdraw was 135,000. Now I thought the rule was "Last in first out", so all of the $72,000 would be taxable. Now in 2009 I with drawl the rest of the $135.000. Would I be correct in thinking that only $35,000 would be taxable and the Last $100,000 would be a return of cost (deposit, premium), and would be tax free?