abbreviationRelated wordsCompare FIFO with LIFO which is a method of valuing inventory which assumes that the newest stock is sold first.
(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/sold in preference to newer stock. ⇒ The FIFO method assumes that goods are withdrawn from stock in the order in which they are received. ⇒ FIFO is a method of accounting which assumes that the oldest stock is sold first.
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