First in, first out definition
First in, first out means that you rotate items in the fridge and the freezer so you use the older items first.
First in, first out means the campaign funds being transferred are attributed to the transferring committee’s contributors in chronological order beginning with the earliest of its contributors or, if there has been a prior transfer, beginning with the earliest contributor for which unattributed contributions remain.
First in, first out shall refer to the accounting method used to account for inventory. In this Agreement it shall also refer to the inventory rotation of frozen raw material that is used to pack the finished product.
Examples of First in, first out in a sentence
To the extent Borrower uses proceeds of any loans to purchase Collateral, the payment of such loans shall be on a "First in, first out" basis so that the portion of the loan used to purchase a particular item of Collateral shall be repaid in the order in which Borrower purchased such item.
More Definitions of First in, first out
First in, first out means the first shipments of each food item should be the first food distributed to recipients.
First in, first out refers to the fact that in case one or more Contracts with the same characteristics shall be closed, PXBT TRADING LTD will as a point of departure close the older Contract first;
First in, first out. . This means that the first patient on the waitlist, assuming the same relative need, should be offered surgery before the next patient on the waitlist. While this information is given back to the surgeons, Providence Health Authority has no authority to require or compel surgeons to manage their waitlists in a particular way. Surgeons retain autonomy with respect to the priority of their wait-list and therefore retain the clinical responsibility for their patients.
First in, first out means FIFO.
First in, first out refers to the fact that in case one or more Contracts with the same characteristics shall be closed, TRUST CAPITAL LTD will as a point of departure close the older Contract first;
First in, first out refers to the fact that in case one or more Contracts with the same characteristics shall be closed, GEMFOREX LIMITED will as a point of departure close the older Contract first;
First in, first out. (FIFO) - The relevance of ‘First in First Out’(FIFO) is in appropriation of payments into the borrowal account; The Principle of FIFO i.e., ‘First In First Out accounting method is relevant to arrive at the No of days of overdue for determining the SMA/NPA status. The FIFO principle assumes that, the oldest outstanding dues in the loan account needs to be cleared first. The FIFO method thus requires that what is due first must be paid by the borrower first. For example:- If in any loan account as on 01.02.2021 there are no overdues and an amount of Rs. X is due for payment towards principal instalment/interest/charges any payment being credited on or after 01.02.2021 in the loan account will be used to payoff the dues outstanding on 01.02.2021. Assuming that nothing is paid/or there is partial payment (Rs Y) of dues during the month of February, the overdue as on 01.03.2021 will be Rs. X-Y. Additionally, an amount of Rs Z becomes due as on 01.03.2021. Now any payment partial payment into the account on or after 01.03.2021 will be first utilized to payoff the partial due of 01.02,2021(Rs X- Rs Y). If there is more recovery that the Rs. X- Rs.Y then after recovering dues of 01.02.201, the remaining amount will be treated as recovery towards due of 01.03.2021.