Definitions for "First-in, first-out"
1. A common method of valuing stocks which assumes that the stock received first is also consumed first. 2. (with regard to storage) The bookkeeping assumption, that goods which have entered stock first are delivered (sold), used and / or consumed first.
1. Stock Valuation - The method of valuing stocks which assumes that the oldest stock is consumed first and thus issues are valued at the oldest price. 2. Stock Rotation - The method whereby the goods which have been longest in stock are delivered (sold) and/or consumed first.
Characteristic of a queue in which the first item put into the queue becomes the first item to be taken out of it