FIFO

views updated Jun 27 2018

FIFO

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-references

LIFO.

FIFO

views updated May 11 2018

FIFO (or fifo) Acronym for first in first out. FIFO list is another name for queue.

FIFO

views updated May 29 2018

FIFO (or fifo) (ˈfiːfəʊ) Computing, Accounting first in first out