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First In, First Out


Source: Procurement Glossary
Author: Paul Rogers
Institute: CIPS - UK

Courtesy of


 

In inventory control, first in, first out [FIFO] means that stock is issued and charged out on the basis of the age of the inventory; the oldest stock is issued first.  From an inventory control point of view this reduces the likelihood of stock write-offs, of obsolete or age-expired stock.  From a costing point of view it reflects the actual price paid for the inventory.  If stock is replenished at a different price, there is then a dilemma about pricing stock that has been bought at different prices.  See also Last in, First Out.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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