How to give replacement on FIFO Basis

Hi,

We had a busines sceario as below

1. Customer send defective product back to business.

2. We create a repair order against that.

3. Send all failuer items to repair center for repair purpose.

4. Once repaired we give replacement to customer.  [Ship line]

Now the problems is

Business want to give replacement on FIFO method.

i.e if a customer provide defective compressor to business on various dates,

at the time of replacement user abel to view the old pending replacement and then the new one..

This help to clear the pending customer liability.

Is there any way we can do the FIFO for replacement.