Impact Guru PHP Interview Questions and Answers

FIFO and LIFO are inventory management methods. FIFO means First-In-First-Out and LIFO means Last-In-First-Out.

• FIFO assumes that the first items purchased are the first items sold, while LIFO assumes that the last items purchased are the first items sold.

• FIFO is commonly used in industries where perishable goods are sold, while LIFO is commonly used in industries where the cost of goods sold is increasing over time.

• Oth...read more