Fikfao: FIFO is an inventory management method

FIFO is an inventory management method that follows the principle of “first in, first out.” As mentioned, this means that the oldest products in a warehouse are the first to be sold or used. The FIFO method is the first in, first out way of dealing with and assigning value to inventory. It is simple—the products or assets that were produced or acquired first are sold or used first ... FIFO Principle stands for “First In, First Out,” meaning that the first item that was stored in a warehouse or store will be the first item to be sold or used. This method is commonly used in inventory management to minimize the usage risk of outdated products and reduce waste.