What do you know about fifo and fefo, inward and outward

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FIFO and FEFO are inventory management methods used to track the flow of goods in and out of a warehouse.

FIFO stands for First In, First Out, meaning that the oldest inventory items are sold or used first.
FEFO stands for First Expired, First Out, prioritizing the use of items with the earliest expiration dates.
Inward refers to the process of receiving goods into the warehouse, while outward refers to the process of shipping goods out of the warehouse.
These methods help ensure proper rotation of inventory and minimize waste or spoilage.
Example: In a FIFO system, if a warehouse receives 100 units of a product on Monday and 50 units on Tuesday, the first 100 units will be used or sold before the 50 units received on Tuesday.

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