ACG Worldwide Senior Executive - Stores Interview Questions and Answers

FIFO stands for First In, First Out and LIFO stands for Last In, First Out. They are methods used for inventory management.

• FIFO means that the first items purchased or produced are the first ones to be sold or used.

• LIFO means that the last items purchased or produced are the first ones to be sold or used.

• FIFO is commonly used in industries with perishable goods like food, while LIFO is used in industries with non-peris...read more

Cycle count is a method of inventory auditing where a small subset of inventory is counted on a continuous basis.

• Cycle count helps in maintaining accurate inventory records without the need for a full physical inventory count.

• It involves counting a specific number of items in a specific location at a specific time.

• Cycle counts are usually scheduled regularly to ensure all inventory items are counted over time.

• It helps ...read more