Fifo full form: FIFO

FIFO , FEFO and LIFO are the three main strategies for warehouse management. But what do the three abbreviations actually stand for and what exactly do they mean? FIFO — First In, First Out. It is a method of accounting and inventory management where the oldest stock or items go first, before the newer ones. This is particularly advantageous for sectors working with perishable and time-bound products, for example, food, medications, and retail. FIFO is an inventory costing method that assumes the oldest goods are sold first. Learn how FIFO works, its advantages and disadvantages, and how it contrasts with LIFO. First In, First Out, also known as FIFO, is a method for valuation of assets or inventories. Under the method, the goods that are produced first are disposed of first. The method also finds a place in the Indian accounting standards for inventory valuation.