How to mention proper lifo & Fifo in all inventory

Question

Accepted Answer

Proper LIFO and FIFO can be mentioned in all inventory by implementing clear labeling, regular stock rotation, and accurate record-keeping.

Label each item with its date of receipt or production.
Ensure that older items are placed in front or on top for easy access and use (LIFO).
Regularly rotate stock by moving older items to the front and placing newer items behind (FIFO).
Maintain accurate records of inventory receipts and usage to track the order of items.
Train staff on the importance of following LIFO and FIFO principles.
Use inventory management software to automate and streamline the process.

Accepted Answer

Lifo=last in fast out

Fifo=fast in fast out

How to mention proper lifo &amp; Fifo in all inventory