Written by Symestic | Jun 11, 2024 3:15:14 PM
Last In, First Out (LIFO) is a stock management system in which the last products stored are removed first. It is often used in industries where products age or become obsolete quickly.
- Inventory management: Withdrawal of the last products stored.
- Cost management: Affects the evaluation of stock levels and costs.
- Inventory control: Monitoring and management of stock levels.
Benefits:
- Cost control: Reduces the impact of price increases on inventory valuation.
- Inventory optimization: Helps manage inventory at risk of obsolescence.
- Flexibility: Adapts to changing market conditions.