Law Dictionary

first in, first out

adjective

legal Definition of first in, first out

:being or relating to a method of valuing inventories by which items in the lot first received are assumed to be issued or sold first and requisitions are priced at the cost per item of the oldest lot on hand — compare last in, first out

last in, first out

adjective

legal Definition of last in, first out

:being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked — compare first in, first out

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