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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]
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.
FIFO treats the first unit that arrived in inventory as the first one sold. LIFO considers the last unit arriving in inventory as the first one sold. Which method an accountant selects can have a significant effect on net income and book value and, in turn, on taxation. Using LIFO accounting for inventory, a company generally reports lower net ...
FIFO (computing and electronics), a method of queuing or memory management Queue (abstract data type), data abstraction of the queuing concept; FIFO and LIFO accounting, methods used in managing inventory and financial matters
Fly-in fly-out is a method of employing people in remote areas by flying them temporarily to the work site instead of relocating employees and their families permanently. It is often abbreviated to FIFO when referring to employment status. This is common in large mining regions in Australia [1] [2] and Canada.
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 ...
In computing, a named pipe (also known as a FIFO for its behavior) is an extension to the traditional pipe concept on Unix and Unix-like systems, and is one of the methods of inter-process communication (IPC). The concept is also found in OS/2 and Microsoft Windows, although the semantics differ substantially.
A backup rotation scheme is a system of backing up data to computer media (such as tapes) that minimizes, by re-use, the number of media used.The scheme determines how and when each piece of removable storage is used for a backup job and how long it is retained once it has backup data stored on it.
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