Pobi Technologies & Constructions Assistant Manager II Interview Questions and Answers

Inventory refers to the list of goods and materials held available in stock by a business.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is important for businesses to manage their inventory effectively to meet customer demand and minimize costs.

• Examples of inventory include merchandise in a retail store, spare parts in a manufacturing plant, and office supplies in a company.

FIFO stands for First In, First Out. It is a system used to manage inventory where the first items purchased or produced are the first ones to be used or sold.

• FIFO ensures that older inventory is used first before newer inventory.

• It is commonly used in industries like retail, food, and manufacturing.

• Example: In a grocery store, products with earlier expiration dates are placed in front to be sold first.