first in, first out

first in, first out

(1) A method of valuing stock or taking inventory in a business organization, where the prices of the oldest items purchased are applied to the entire stock. Items received first are the first to be sold. (2) A method of choosing people for redundancy in an organization where the first to be hired are also the first to be made redundant.

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Industry/Domain: Business administration
Category: Business management
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