MLchartDataset catalogue

FIFO

Term · Law · MLC-T-LAW-002112

An inventory accounting method that assumes the first goods purchased or produced are the first ones sold, consumed, or otherwise disposed of. This approach impacts the valuation of inventory and the calculation of the cost of goods sold. In periods of rising costs, FIFO generally results in a higher reported net income and higher ending inventory value.

Table 1. Record
IdentifierMLC-T-LAW-002112
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002112",
  "term": "FIFO",
  "field": "Law",
  "definition": "An inventory accounting method that assumes the first goods purchased or produced are the first ones sold, consumed, or otherwise disposed of. This approach impacts the valuation of inventory and the calculation of the cost of goods sold. In periods of rising costs, FIFO generally results in a higher reported net income and higher ending inventory value.",
  "url": "https://mlchart.com/terminology/law/fifo/"
}

Record 2,017 of 5,441 in Law terminology (MLC-0107). Request the full dataset.