first-in, first-out love

first-in, first-out


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.


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