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FIFO (First In First Out) is a method of inventory management and it means the inventory received First will be disposed off First. This method is specially meant for those organanizations which have inventory of perishable nature goods and is one of the most commonly method used in different organizations.
FiFo = First in First out Lifo = Last in first outThese two methods are used for inventory managementIn Fifo the first inventory is sold/used in the order of purchase or entry into the stockIn Lifo last inventory is sold/used in the order of purchase or entry in the stock
It means first in first out and it is a method for inventory management. The first material/semi-finished/finished product which is entered to the warehouse should be the first to leave the warehouse. It is important for cash-flow, stock level optimization and product freshness.
FIFO stands for first-in, first-out. An asset-management and valuation method in which the assets produced or acquired first are sold, used or disposed of first. or in simple words FIFO is inventory valuation method that assumes that the goods are sold or material are issued in order in which they are purchased. The FIFO flow concept is a logical one for a business to follow, since selling off the oldest goods first reduces the risk of obsolescence.
