first in, first out
noun[U]
ukus(abbreviationFIFO)ACCOUNTING
themethodused tocalculatethevalueofproductsormaterials, in which the firstonesthat areboughtorproducedare said to be the first that aresoldor used. At the end of theyear, thevalueof theonesthat have not beensoldor used iscalculatedusingtheirmostrecentcost:
Inventory isvaluedatcurrentlyadjustedstandardswhichapproximateactualcostson afirst-in, first-outbasis.
PRODUCTION
themethodofcontrollingstock, in which the firstproductsormaterialsthat areproducedorboughtare the first that aresoldor used
IT
thesystemby which acomputerreadsanddealswithdatain theorderin which itreceivesit
HR
thesituationin which, when acompanyneedstoreduceitsnumberofemployees, the firstpeoplewho wereemployedare the first tolosetheirjobs
Compare
last in, first out