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Simple English definitions for legal terms
NIFO
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A quick definition of NIFO:
Term: NIFO
Definition: NIFO stands for Next-In, First-Out. This means that the item that was added most recently will be the first one to be used or taken out. It's like a line where the person who arrived last gets to go first.
A more thorough explanation:
Definition: NIFO (nI-foh).abbr.NEXT-IN, FIRST-OUT.
Explanation: NIFO is a term used in inventory management to describe a method of organizing and selling products. It means that the next item that comes into the inventory is the first item that is sold. This is different from other methods like FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Example: Let's say a store sells apples. If they use NIFO, the apples that were just delivered to the store will be the first ones sold. This means that the older apples that were already in the store will be sold later.
Another example: A restaurant that uses NIFO will use the freshest ingredients first. For example, if they just received a shipment of lettuce, they will use that lettuce before using any older lettuce that was already in the kitchen.