Fifo meaning

fī'fō
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.
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(First In First Out) A storage method that retrieves the item stored for the longest time. Also called "LILO" (Last In Last Out). Contrast with LIFO. See traffic engineering methods.
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A buffering or temporary storage method in which the entity that first exits is the one that first entered. Thereby, the entity served (e.g., processed or switched) is the one that waited the longest period of time. FIFO is commonly used in message switches such as automatic call distributors (ACDs), PBXs, switches, and routers in the absence of a priority mechanism employed to establish quality-of-service (QoS) differentiation between different types of calls, packets, or other message entities. See also LIFO and queue.
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(accounting, operations, computing) First In First Out.
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Fly-in fly-out.
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