FIFO
FIFO (first-in, first-out method) is valuing of inventory assuming that the company sells the first goods received in the store.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- FIFO (first-in, first-out method). Valuing of inventory assuming that the company sells the first goods received in the store.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
