When should I use FIFO?
An example of an AI chatbot conversation about FIFO inventory management.
What does FIFO stand for in inventory management?
FIFO stands for 'First In, First Out.' It's an inventory management method where the oldest stock is sold first.
When is it best to use FIFO?
FIFO is best used for perishable goods or items that have a limited shelf life, ensuring older items are sold first.
Are there any disadvantages to using FIFO?
Yes, if prices are rising, FIFO can lead to higher taxable income since older, cheaper inventory is sold first.
Can you give me an example of FIFO in action?
Sure! In a grocery store, milk that was received first is sold first to prevent spoilage.
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