NEXT-IN, FIRST-OUT

By SovConn | May 24, 2013

next-in, first-out.A method of inventory valuation (but not a generally accepted accounting

principle) whereby the cost of goods is based on their replacement cost rather than their actual cost.

— Abbr. NIFO. Cf. FIRST-IN, FIRST-OUT ; LAST-IN, FIRST-OUT.

[Blacks Law 8th]