FIFO

FIFO

An initialism for "first in, first out," referring to the accounting practice of treating inventory that has been purchased first as the first to be sold. I don't like to use FIFO when managing the business's finances—I use the last-in, first-out method instead. If you're going to manage the books, you should know that FIFO is the method we use around here. A: "Why are these records not making sense to me?" B: "I'm pretty sure the accountant uses FIFO, if that helps."

Farlex Dictionary of Idioms. © 2024 Farlex, Inc, all rights reserved.

FIFO

phr. first in, first out; the first items placed in the stack are the first items to be retrieved. (see also GIGO, LIFO.) Oh, I thought this thing was FIFO, and I put the stuff in the wrong order.

McGraw-Hill's Dictionary of American Slang and Colloquial Expressions Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved.