Fifo lifo details in store department

Question

Accepted Answer

FIFO and LIFO are inventory management methods used in the store department.

FIFO stands for First-In, First-Out, which means that the oldest inventory is sold or used first.
LIFO stands for Last-In, First-Out, which means that the most recently acquired inventory is sold or used first.
FIFO is commonly used when dealing with perishable goods or items with expiration dates.
LIFO is often used when the cost of inventory is rising, as it allows for the sale of older, cheaper inventory first.
Both methods have their advantages and disadvantages, and the choice between them depends on various factors such as the nature of the products, cost considerations, and market conditions.

Accepted Answer

FIFO use for store department first in first out then firs in material first out because no material in expiry ok in inventory mange with batch no wise as quality problem easy tracking for material batch no wise

Fifo lifo details in store department

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