FIFO(redirected from first-in, first-out)
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Related to first-in, first-out: last in first out
An abbreviation for first-in, first-out, a method employed in accounting for the identification and valuation of the inventory of a business.
FIFO assumes that the first goods purchased are the first sold. As a consequence, the items that remain in the inventory at the end of the year are assumed to be those purchased last.