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Fifo (Noun)

Meaning

Inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold.

Classification

Nouns denoting acts or actions.

Examples

  • Using the First-In, First-Out method, or FIFO, the company's accountant assumed the oldest inventory items were sold first.
  • The store's inventory manager relied on FIFO to track and manage the sale of perishable goods.
  • The company adopted FIFO as its inventory accounting method to accurately value its inventory.
  • FIFO is commonly used in inventory management to assume the most recently acquired items are the ones remaining in stock.
  • The accountant applied the FIFO method to calculate the cost of goods sold and determine the profit on the sale.

Synonyms

  • First In First Out

Hypernyms

  • Inventory Accounting
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