What is FIFO and LIFO?
An example of an AI chatbot conversation about FIFO and LIFO inventory methods.
Can you explain what FIFO and LIFO mean?
Sure! FIFO stands for 'First In, First Out,' and LIFO means 'Last In, First Out.' They are inventory management methods.
How does FIFO work in practice?
In FIFO, the oldest inventory items are sold first. This is common in perishable goods to reduce waste.
And what about LIFO?
LIFO sells the most recently acquired items first. It's often used for non-perishable goods or in inflationary environments.
What are the advantages of using FIFO over LIFO?
FIFO can provide a more accurate representation of inventory costs and helps in managing perishable items effectively.
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