FreshVnF Store Manager Interview Questions and Answers

FIFO stands for First In First Out, a method of inventory management where the oldest stock is sold or used first.

• FIFO is commonly used in industries where perishable goods are involved, such as food and pharmaceuticals.

• It ensures that the oldest stock is used first, reducing the risk of spoilage or expiration.

• FIFO is also used in accounting to calculate the cost of goods sold.

• It is the opposite of LIFO (Last In First

Yes, I have worked on SAP.

• I have experience using SAP for inventory management and procurement.

• I am familiar with creating purchase orders and tracking deliveries through SAP.

• I have also used SAP for generating reports on inventory levels and stock movements.

LIFO-FIFO system is a method used to manage inventory. LIFO stands for Last In, First Out, while FIFO stands for First In, First Out.

• LIFO method assumes that the last items added to the inventory are the first ones to be sold or used.

• FIFO method assumes that the first items added to the inventory are the first ones to be sold or used.

• LIFO is commonly used when the cost of inventory is rising, as it allows for higher co...read more

Inventory is the list of goods and materials held by a business for sale or use in production.

• Inventory management involves tracking and controlling inventory levels.

• It helps in avoiding stockouts and overstocking.

• Inventory turnover ratio is used to measure the efficiency of inventory management.

• Just-in-time (JIT) inventory system is a popular inventory management technique.

• Examples of inventory include raw materials,