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The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account, is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method. [2]
First in, first out describes a method of managing items in storage: FIFO in stock rotation, particularly to avoid food spoilage; FIFO (computing and electronics), a method of queuing or memory management Queue (abstract data type), data abstraction of the queuing concept
FIFO's opposite is LIFO, last-in-first-out, where the youngest entry or "top of the stack" is processed first. [2] A priority queue is neither FIFO or LIFO but may adopt similar behaviour temporarily or by default. Queueing theory encompasses these methods for processing data structures, as well as interactions between strict-FIFO queues.
First Expired, First Out (FEFO) is a term used in field inventory management to describe a way of dealing with the logistics of products that have a limited shelf life. These items include perishable products or consumer goods with a specified expiration date. The product with the deadline for the next intake will be the first to be served or ...
Stock rotation is a way of mitigating stock loss. It is the practice, used in hospitality and retail, especially in food stores such as restaurants and supermarkets, of moving products with an earlier sell-by date to the front of a shelf (or in the cooler if the stored item is on repack so they get worked out before the new product), [1] so they get picked up and sold first, and of moving ...
A first in, first out (FIFO) backup scheme saves new or modified files onto the "oldest" media in the set, i.e. the media that contain the oldest and thus least useful previously backed up data. [1] Performing a daily backup onto a set of 14 media, the backup depth would be 14 days.
The first-order reliability method, (FORM), is a semi-probabilistic reliability analysis method devised to evaluate the reliability of a system. The accuracy of the method can be improved by averaging over many samples, which is known as Line Sampling .
A stack (LIFO queue) will yield a depth-first algorithm. A best-first branch and bound algorithm can be obtained by using a priority queue that sorts nodes on their lower bound. [3] Examples of best-first search algorithms with this premise are Dijkstra's algorithm and its descendant A* search. The depth-first variant is recommended when no ...