first-in, first-out

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first-in, first-out (FIFO)

An accounting procedure for identifying the order in which items are used or sold. With FIFO, the oldest remaining items are assumed to have been sold first. During a period of inflation this procedure tends to keep costs low for accounting purposes; it results in higher reported profits and a greater tax liability, however. Compare last-in, first-out.

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Earnings surprises
F/C
FIFO
First In, First Out
GAAP
generally accepted accounting principles
Historical Cost
inventory

Inventory Profit
inventory valuation
Last-In, First-Out
mortgage
Prospective Earnings Growth
senior mortgage
Thomson Financial

44 Average common shares and common stock equivalents outstanding 52,616 53,710 52,592 53,684 (a) Periods prior to April 1, 1999, have been restated to reflect the second quarter 1999 change in method of accounting for inventory to the first-in, first-out (FIFO) method from the last-in, first-out (LIFO) method previously used for the majority of domestic inventory.

Bemis Company Reports Second Quarter Results, Adopts FIFO Inventory ... by Business Wire

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