Gtpl Hathway Store Executive Interview Questions and Answers

FIFO stands for First-In-First-Out. It is a method of inventory management where the oldest stock is sold first.

• FIFO is used to ensure that the oldest stock is sold first

• It assumes that the first items purchased are the first items sold

• It is commonly used in industries with perishable goods

• It helps prevent spoilage and obsolescence

• Example: A grocery store using FIFO would sell the milk with the earliest expiration date

Material inward & outward in ERP system is a process of recording the movement of goods in and out of the organization.

• Material inward refers to the process of receiving goods from suppliers and recording them in the ERP system.

• Material outward refers to the process of delivering goods to customers and recording them in the ERP system.

• ERP system helps in maintaining accurate inventory levels and tracking the movement o...read more