from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A method of inventory accounting in which the oldest remaining items are assumed to have been the first sold. In a period of rising prices, this method yields a higher ending inventory, a lower cost of goods sold, a higher gross profit (assuming constant price), and a higher taxable income. Also called FIFO.
Sorry, no etymologies found.
Sorry, no example sentences found.
Wordnik is becoming a not-for-profit! Read our announcement here.