What is LawBrain?
It's a living legal community making laws accessible and interactive. Click Here to get Started »

FIFO

From lawbrain.com

An abbreviation for first-in, first-out, a method employed in accounting for the identification and valuation of the inventory of a business.

FIFO assumes that the first goods purchased are the first sold. As a consequence, the items that remain in the inventory at the end of the year are assumed to be those purchased last.

See Also

Contributors

Admin