What is the meaning of FIFO in Store Work

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FIFO stands for First In First Out, a method of inventory management where the oldest stock is sold or used first.

FIFO ensures that the oldest stock is used first, reducing the risk of expired or spoiled products.
It is commonly used in industries such as food, pharmaceuticals, and chemicals.
FIFO helps in maintaining accurate inventory records and prevents stock from being forgotten or lost.
It is also known as the 'first-come, first-served' method of inventory management.
For example, if a store receives a shipment of milk on Monday and another on Wednesday, the milk received on Monday should be sold or used first.

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