first in, first out
- A valuation method often used for inventory, where it is assumed that the items received first are sold first. The cost of goods sold is determined using the cost of the earliest goods received
- The store uses a first in, first out approach to manage their inventory efficiently.
- With the first in, first out method, the goods that were stocked first are the ones that get sold first.
- First in, first out is a strategy that ensures older inventory does not remain unsold.