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LSDefine

Simple English definitions for legal terms

first-in, first-out

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A quick definition of first-in, first-out:

Term: FIRST-IN, FIRST-OUT

Definition: FIRST-IN, FIRST-OUT is a way of keeping track of things that assumes the first thing you put in is the first thing you take out. It's like a line at the store, where the first person in line gets helped first. In accounting, it means that the oldest items are sold or used first before newer ones. This is abbreviated as FIFO. It's the opposite of LAST-IN, FIRST-OUT, which means the newest items are used or sold first.

A more thorough explanation:

Definition: First-in, first-out (FIFO) is an accounting method that assumes that goods are sold in the order in which they were purchased. This means that the oldest items are sold first.

Example: Let's say a grocery store buys 100 cans of soup on January 1st and another 100 cans on February 1st. If the store sells 50 cans of soup on March 1st, FIFO assumes that the store sold the 50 cans of soup that were purchased on January 1st first, before selling any of the cans purchased on February 1st.

This method is commonly used in inventory management and accounting to ensure that older items are sold before newer items. It can also help businesses avoid losses due to expired or outdated products.

first impression, case of | first-inventor defense

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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