Pronunciation: [fˈiːfə͡ʊ] (IPA) 
The word "fifo" is often used in computer programming and stands for "first in, first out." Its spelling is based on the pronunciation of its acronym using the International Phonetic Alphabet (IPA) transcription. The "f" sound is represented by the IPA symbol /f/, the "i" sound is represented by /ɪ/, and the "o" sound is represented by /oʊ/. When these sounds are combined to form the word, the result is "fifo" (pronounced "fee-fo").
FIFO, an acronym for First In, First Out, is a method and concept used in various fields to organize and manage the flow of items or data. It is commonly applied in inventory management, computer science, and economics.
In the context of inventory management, FIFO refers to the practice of selling or using the oldest stock first before newer items. It assumes that the first items purchased or produced are also the first to be sold, consumed, or used. This approach helps prevent obsolescence, spoilage, or depreciation of goods, ensuring efficient utilization of inventory resources and maintaining accuracy in cost calculations.
In computer science and data structures, FIFO is a type of abstract data type (ADT) that follows a specific order for accessing and manipulating data. It is also known as a queue. The FIFO structure operates on the principle that the first item inserted in the queue is also the first one to be removed, adhering to a "first-come, first-served" basis. This concept is commonly used in operating systems for managing processes, scheduling tasks, and handling input/output operations.
From an economic standpoint, FIFO is a method of valuing and accounting for inventory or costs. It assumes that the first goods purchased or produced are also the first ones sold, implying that the cost of goods sold (COGS) is calculated based on the earliest unit costs, thereby providing a more accurate representation of remaining inventory and profitability. This technique is widely used in financial statements and taxation systems.
The term "FIFO" is an acronym that stands for "First In, First Out". It is commonly used in the context of inventory management, where it refers to the principle that the first items added to a stock or inventory should be the first ones to be used or sold.
The origin of the term can be traced back to the field of accounting and cost management. It was first popularized in the early 20th century as a way to describe the cost flow assumption in the accounting of inventory. The concept of "first in, first out" was introduced to ensure a fair representation of the cost of goods sold and the value of remaining inventory.
