What Is The Full Form Of FIFO, FIFO Full Form ?
Full Form Of FIFO Is First In, First Out
Some Details About FIFO
First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. For tax purposes, FIFO assumes that assets with the oldest costs are included in the income statement’s cost of goods sold (COGS). The remaining inventory assets are matched to the assets that are most recently purchased or produced.
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