FIFO(redirected from First in, first out)
Also found in: Dictionary, Thesaurus, Financial, Acronyms, Encyclopedia.
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.