What are FIFO and LIFO in inventory management?
An example of an AI chatbot conversation about FIFO and LIFO inventory methods.
What are FIFO and LIFO in inventory management?
FIFO stands for 'First In, First Out,' meaning the oldest inventory items are sold first. LIFO, or 'Last In, First Out,' means the most recently acquired items are sold first.
Can you explain the advantages of using FIFO?
Sure! FIFO helps in reducing spoilage for perishable goods, ensures older stock is sold first, and can provide a clearer picture of inventory costs.
What about the advantages of LIFO?
LIFO can be beneficial during inflation as it allows businesses to match current costs with revenues, potentially reducing tax liabilities.
Which method is better for a grocery store?
Typically, FIFO is better for grocery stores since it helps manage perishable items effectively.
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