first in first out

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• noun accounting A method of inventory accounting that values items withdrawn from inventory at the cost of the oldest item assumed to remain in inventory.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