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Dear Sir,
FIFO means first in first out..
the goods came first inword goods to be issue first outword...
Thanks,
Antony.B
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FIFO applies in accounting and in supply chain as well.
It means that you sent out first, the first you received.
For accounting it's a way to measure in currency the inventory. For the supply chain is a way to avoid expiration of products or remaining stock of previous commercial periods.
FIFO is usually used in FMCG and food organizations.
