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FIFO |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
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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. Cross-referencesLIFO. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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