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Related to first-in, first-out: last in first out
first-in, first-out(fûrst′ĭn′ fûrst′out′)
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.
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.