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In Accounting, {{insert page}} describes the practice to value inventory based on the principle that inventory is consumed in sequence of acquisition or production. | In Accounting, {{insert page}} describes the practice to value inventory based on the principle that inventory is consumed in sequence of acquisition or production. | ||
[[Category:Term]][[Category:Supply Chain]] | [[Category:Term]][[Category:Supply Chain]] | ||
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| + | [[Link::t:IFRS]] | ||
| + | </ins> | ||
{{Object | {{Object | ||
|name=First In, First Out | |name=First In, First Out | ||
FIFO is a term describing the practice to process those goods first that were received first, for Generic Stock. FIFO is generally only relevant for Make-to-Stock processes. MTO and ETO processes pick based on the order reference of the inventory (Sales Order Stock).
In Accounting, FIFO describes the practice to value inventory based on the principle that inventory is consumed in sequence of acquisition or production. International Financial Reporting Standards
| ID | Name | Level | x |
|---|---|---|---|
| S106 | Transfer | 3 | S106 |
| M102 | Issue/Stage Materials | 3 | M102 |
| M107 | Transfer | 3 | M107 |
| D107 | Pick | 3 | D107 |