from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun accounting A method of inventory accounting that values items withdrawn from inventory at the cost of the oldest item assumed to remain in inventory.
- noun operations A policy of serving first what has arrived for service first.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- noun inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold
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