What's the difference between lifo and fifo?

Lifo is last in first outFifo is First in last out.these two concepts are purely from inventory perspective, it's basically the method to assign cost to the inventory.

LIFO (LAST IN FIRST OUT) - The product which goes into the stock lastly will be the first one to go out of the stock. 

FIFO ( FIRST IN FIRST OUT) - The product which goes into stock first will be the first one to go out of the stock.