FIFO

a.

1.

(accounting) an accounting method in which goods in inventory are valued at the price of the most recent acquisition of each type of goods, and those used up from inventory are valued at the cost of those first acquired.

Noun

1.

FIFO - inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold Synonyms: first in first out

FIFO - first-in first-out

First In First Out (CPU)first in first out, inventory accounting