first in, first out (as an accounting principle in costing stock)
Compare LIFO
2. Australian and New Zealand
fly-in, fly-out: referring to an employee who commutes by air to a remote location
FIFO in American English
(ˈfaɪˌfoʊ)
US
noun
a method of valuing inventories in which items sold or used are priced at the cost of earliest acquisitions and those remaining are valued at the cost of most recent acquisitions
see also LIFO
Word origin
f(irst) i(n,) f(irst) o(ut)
FIFO in Retail
(faɪfoʊ) or first in, first out
abbreviation
(Retail: Management accounts)
FIFO is a method of accounting which assumes that the oldest stock is sold first.
FIFO is normally the method used for stock rotation, where the oldest stock is used/soldin preference to newer stock.
The FIFO method assumes that goods are withdrawn from stock in the order in which they arereceived.
FIFO is a method of accounting which assumes that the oldest stock is sold first.
Related wordsCompare FIFO with LIFO which is a method of valuing inventory which assumes that the newest stock is soldfirst.
FIFO in Accounting
(faɪfoʊ) or first in, first out
abbreviation
(Accounting: Management)
FIFO is a method of accounting which assumes that the oldest stock is sold first.
Using FIFO, the oldest purchase costs of goods are recognized as costs first.
The FIFO method assumes that goods are withdrawn from stock in the order in which they arereceived.
FIFO is a method of accounting which assumes that the oldest stock is sold first.