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FIFO definition

☆ FIFO (fī′fō′)

noun

a method of valuing inventories in which items sold or used are priced at the cost of earliest acquisitions and those remaining are valued at the cost of most recent acquisitions

Etymology: f(irst) i(n,) f(irst) o(ut)

Webster's New World College Dictionary Copyright © 2009 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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