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See: First in, first out
First In, First Out
In accounting, a technique for valuing inventory by treating inventory acquired first as if it were sold first. The sale of inventory is recorded against the purchase price of the oldest inventory, even if the physical goods are not the same. In times of high inflation, the first-in, first out technique increases a business' inflation risk. For this reason, most American firms have used the last-in, first-out technique in their accounting since the 1970s.
See first-in, first-out.
FIFOsee STOCK VALUATION.
First In, First Out (FIFO)
An accounting method for determining the cost of inventories. Under this method, the first items purchased are treated as being the first items sold. Ending inventory is valued using the cost of later purchases, or the lower of cost or market.