FIFO Definition

Bookmark and Share

FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.

Learn new Accounting Terms

VALUATION DATE is the specific point in time as of which the valuator's opinion of value applies (also referred to as "Effective Date" or "Appraisal Date").

OMB is Office of Management and Budget.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.