How to use lifo- fifo system

Question

Accepted Answer

LIFO-FIFO system is a method used to manage inventory. LIFO stands for Last In, First Out, while FIFO stands for First In, First Out.

LIFO method assumes that the last items added to the inventory are the first ones to be sold or used.
FIFO method assumes that the first items added to the inventory are the first ones to be sold or used.
LIFO is commonly used when the cost of inventory is rising, as it allows for higher cost items to be sold first.
FIFO is commonly used when the cost of inventory is falling, as it allows for lower cost items to be sold first.
Both methods have their advantages and disadvantages, and the choice depends on the specific needs and circumstances of the business.

Accepted Answer

Lifo-last in last out Fifo-first in first out Use weeakly 7colour coad with date stamp

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