whats fifo

whats fifo refers to the inventory management method known as “First In, First Out.” This method ensures that the oldest inventory is sold or used first, making it ideal for perishable goods or products with an expiration date. FIFO helps businesses avoid stock obsolescence and maintain inventory turnover. It is a commonly used method in industries like food and beverage, healthcare, and retail, as it ensures products are sold in the proper order to minimize losses from expired stock.