What is store inventory, Fifo and lifo

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Accepted Answer

Store inventory refers to the total amount of goods or products that a store has in stock. FIFO and LIFO are inventory management methods.

FIFO stands for First-In, First-Out and is a method of inventory management where the oldest products are sold first.
LIFO stands for Last-In, First-Out and is a method of inventory management where the newest products are sold first.
Inventory management is important for ensuring that a store has enough products to meet customer demand while minimizing waste and losses.
FIFO is commonly used for perishable goods like food, while LIFO is often used for non-perishable goods like electronics.
Both methods have their advantages and disadvantages, and the choice of method depends on the type of products being sold and the store's specific needs.

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