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First In First Out (FIFO)

Description: First In First Out (FIFO) is an accounting and inventory management method in which the first items or units purchased or produced are the first ones to be sold or used. It is commonly applied in various industries and sectors to ensure proper tracking and management of inventory or resources.

Sample sentences:

• The company follows a FIFO approach to manage the inventory, ensuring older products are sold first.
• FIFO is a widely used method in the food industry to maintain the freshness and quality of perishable goods.
• In a FIFO system, the newly arrived items are placed behind the existing ones on the shelves.

Parts of Speech: noun, adjective, adverb
Senses:

• Noun: The accounting and inventory management method where the oldest items are used or sold first.
• Adjective: Referring to an approach or system that follows the FIFO method.
• Adverb: Indicating the manner in which items are used or sold, following the principle of FIFO.

Possible Related Products:

• FIFO inventory management systems
• FIFO accounting books
• FIFO storage shelves