first-in first-out
FIFO An inventory valuation method that assumes inventory is consumed or sold in the order in which it is purchased or manufactured. The FIFO methodology, which allocates older inventory costs to *cost of sales, is acceptable under most forms of *Generally Accepted Accounting Principles. Compare *last-in first-out (LIFO) and *next-in first-out (NIFO).

Auditor's dictionary. 2014.

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