Fifo full form: FIFO — First In

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 Full form stands for first in first out, and is an inventory valuation method available under most of the accounting standards like IFRS, U.S GAAP. However, in this article we shall discuss also, how this accounting method compares with LIFO. FIFO full form is First In, First Out. It refers to a method of inventory management where the first items to be added to inventory are the first to be sold or used. FIFO Principle stands for “First In, First Out,” meaning that the first item that was stored in a warehouse or store will be the first item to be sold or used. This method is commonly used in inventory management to minimize the usage risk of outdated products and reduce waste.