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See: First in, first out
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
See first-in, first-out.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
FIFOsee STOCK VALUATION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary