what is fifo stands for

what is fifo stands for is a question about the FIFO method, which stands for First In, First Out. FIFO is a system used in inventory management and accounting where the oldest inventory items are sold or used first. This method ensures that products do not remain in storage for too long, reducing the risk of spoilage or obsolescence. FIFO is commonly used in industries such as food, pharmaceuticals, and retail, where items have a limited shelf life or expiration date.