first-in, first-out


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first-in, first-out

(fûrst′ĭn′ fûrst′out′)
n.
A method of inventory accounting in which the costs of the first units to enter the inventory are assigned to the first units sold. Also called FIFO.

first′-in′, first′-out′


n.
1. a method of handling inventory costs at the price paid most recently, assuming items purchased first will be sold first. Abbr.: FIFO Compare last-in, first-out.