Definition of FIFO
Pronunciation:
fī´fō
a.
1.
(accounting)
an
accounting
method
in
which
goods
in
inventory
are
valued
at
the
price
of
the
most
recent
acquisition
of
each
type
of
goods
,
and
those
used
up
from
inventory
are
valued
at
the
cost
of
those
first
acquired
.
Related Words
first
in
first
out
,
inventory
accounting
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