First In, First Out (FIFO)

Also known as: FIFO

First in, first out (FIFO) is an inventory method where the oldest stock is sold or used before newer stock. It reduces spoilage and obsolescence and, in accounting, values sold goods at the cost of the earliest inventory purchased.

In the warehouse: Teamship's WMS puts First In, First Out (FIFO) to work as part of Inventory Management.