first in, first out Dictionary Entries Near FIFO fifie FIFO fifteen See More Nearby Entries Cite this Entry Style “FIFO.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/FIFO. Accessed 13 Dec. 2024. Copy Citation ...
first-in, first-out. Computers.a storage and retrieval technique, used mainly for data, in which the first item stored is also the first item retrieved. Discover More Example Sentences Measures will also include cutting down on excess drinking of alcohol at the fly in, fly out “FIFO” camp...
A cost flow assumption where the first (oldest) costs are assumed to flow out first. This means the latest (recent) costs remain on hand. To learn more, see Explanation of Inventory and Cost of Goods Sold. Related Q&A How does inflation affect the cost of goods sold? Why does LIFO usua...
FIFO, meaning “First-In, First-Out,” is a costing method you can use to value your inventory or Cost of Goods Sold (COGS). The FIFO accounting method is important for inventory management companies looking to control costs and optimize inventory levels throughout the value chain. From a ...
Definition:FIFO, or First-In, First-Out, is an inventory costing method that companies use to track the cost of inventory that is sold by assuming that the first product purchased is the first product sold. Hence the first product in the door is the first product out of the door. ...
What Is First In First Out (FIFO)? Definition and Guide The first in, first out, aka FIFO (pronounced FIE-foe), accounting method assumes that sellable assets, such as inventory, raw materials, or components acquired first were sold first. That is, the oldest merchandise is sold first, wi...
HIFO and LOFO:These methods assume the highest-cost items are sold first or the lowest-cost items are sold first respectively, regardless of in which order they were purchased. FEFO:FEFO assumes that ‘first expired’ items will be the first out the door, making it useful in a food manufa...
The FIFO is First-in First-out, meaning that words written first in the FIFO are read back first. The FIFO acts as a temporary memory where you can write data and read it back later. You can apply the FIFO functions in data buffering applications that comply with the first-in-first-out...
Last-in-first-out (LIFO): Meaning your costs of sales in determined by cost of the items you purchased the latest. It should be noted that depending on your industry, LIFO is not allowed for tax purposes. Weighted Average Cost (WAC): Meaning your costs of sales in determined by average...
FIFO means "First In, First Out" and is a valuation method in which the assets produced or acquired first are sold, used, or disposed of first.