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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.



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The frame mode of PFQ, co-developed by Cisco and MMC, will be vital to the operation of Cisco Systems' new Tag Switching mechanism," added Alles, "allowing us to build much more scaleable Internet backbones using our ATM switches by allowing the consolidation of traffic onto a smaller number of connections, without loss of advanced functionality.
This breakthrough lets MMC Networks provide PFQ technology as a cost-effective add-in solution, facilitating the employment of these capabilities in network switches.