Micro Labs Senior Store Officer Interview Questions and Answers

FIFO stands for First In, First Out and LIFO stands for Last In, First Out. They are methods used for inventory management.

• FIFO means that the first items purchased or produced are the first ones to be sold or used.

• LIFO means that the last items purchased or produced are the first ones to be sold or used.

• FIFO is commonly used in industries with perishable goods like food, while LIFO is used in industries with non-peris...read more

Cycle count is a method of inventory auditing where a small subset of inventory is counted on a continuous basis.

• Cycle count helps in maintaining accurate inventory records without the need for a full physical inventory count.

• It involves counting a specific number of items in a specific location at a specific time.

• Cycle counts are usually scheduled regularly to ensure all inventory items are counted over time.

• It helps ...read more