FIFO

First In First Out

FIFO means "First In, First Out." It's a valuation method in which older inventory is moved out before new inventory comes in. The first goods sold are the first goods purchased. The FIFO method maintains the newest items in inventory. While this inventory valuation method doesn't have to follow the actual flow of inventory through the business, a company should justify why it selected the valuation method.

In computing and in systems theory, first in, first out (the first in is the first out), acronymized as FIFO, is a method for organizing the manipulation of a data structure (often, specifically a data buffer) where the oldest (first) entry, or "head" of the queue, is processed first.

• https://en.wikipedia.org/wiki/FIFO_(computing_and_electronics)

I've seen this used in

• computer science

• restaurant industry

• financial industry

• Words, Words, Words

• https://www.investopedia.com/terms/f/fifo.asp