FIFONone

FIFO, meaning "First-In, First-Out," is a method used in inventory management and accounting to ensure that the oldest stock is sold first. This approach helps accurately reflect costs and prevents spoilage or obsolescence by keeping older items moving out before newer ones. For example, in a grocery store, the products with the earliest expiration dates are sold first. FIFO is widely used in industries like food, pharmaceuticals, and manufacturing to maintain quality and transparency in inventory valuation.