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Glossary   >   F   >   "First-In-First-Out (FIFO)" Definition            First-In-First-Out (FIFO) An accounting method for valuing the cost of goods sold that uses the cost of the oldest item in inventory first. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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First-In-First-Out (FIFO) - An accounting method for valuing the cost of goods sold that uses the cost of the oldest item in inventory first.