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What is the full form of FIFO?

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Anonymous

13y ago
Updated: 8/20/2019

First In First Out. It means that you do the work in sequence of chronological order according to the time of receipt.

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Wiki User

13y ago

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FIFO stands for "First In, First Out." It is an inventory management and accounting method where the oldest inventory items are sold or used first. This approach is commonly applied in various industries, particularly in food and retail, to minimize spoilage and ensure the freshness of products. FIFO helps maintain accurate financial records and reflects the actual flow of goods in and out of a business.


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