first-in, first-out definition

  • noun:
    • a technique of inventory bookkeeping where oldest continuing to be things are thought to possess been the very first sold. In a period of rising prices, this technique yields a higher closing inventory, a diminished cost of products sold, a higher gross profit (presuming continual price), and an increased taxable income. Also called FIFO.
    • A method of inventory bookkeeping when the oldest continuing to be things are assumed having already been initial sold. In a time period of increasing rates, this method yields a greater ending stock, a diminished price of products offered, a higher gross profit (assuming continual price), and a higher taxable earnings. Also called FIFO.
    • a way of inventory accounting in which the oldest staying products are presumed to own already been the first sold. In a period of increasing prices, this process yields an increased closing inventory, a lesser price of items sold, a higher gross profit (presuming continual price), and a greater nonexempt earnings. Also called FIFO.
    • a technique of inventory accounting where the oldest continuing to be products are assumed to own already been the initial sold. In a time period of rising prices, this technique yields a greater ending stock, less price of goods sold, an increased gross revenue (presuming constant cost), and a higher taxable earnings. Also referred to as FIFO.
    • A method of inventory accounting where oldest continuing to be products are assumed to own already been 1st sold. In a period of rising costs, this process yields an increased closing inventory, a diminished price of goods sold, a higher gross revenue (presuming continual cost), and an increased taxable income. Also referred to as FIFO.
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