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FIFO
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   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.07 sec.

FIFO

Method of stock valuation that assumes that stock is used in the same order as that in which it is purchased, thus first stock in, first stock out.

The alternative valuation is LIFO (last in, first out). The LIFO method of valuation for closing stock is not permitted by the UK Inland Revenue.



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44 Average common shares and common stock equivalents outstanding 52,616 53,710 52,592 53,684 (a) Periods prior to April 1, 1999, have been restated to reflect the second quarter 1999 change in method of accounting for inventory to the first-in, first-out (FIFO) method from the last-in, first-out (LIFO) method previously used for the majority of domestic inventory.
 
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