Inventory

What is Lead Time? Lead time refers to the time it takes for a product or service to be delivered from the time an order is placed until it is received by the c…

What are FIFO and LIFO? FIFO (First In, First Out) and LIFO (Last In, First Out) are two methods of inventory management and accounting. FIFO is a method where …

What is Obsolete Inventory? Obsolete inventory refers to goods or products that the business no longer plans to sell or use, due to factors such as changes in m…

What is FEFO? FEFO stands for “First Expired, First Out”. FEFO is an inventory management method that is used for perishable goods, where the items that expire …

What is LIFO? LIFO stands for “Last In, First Out”. LIFO is an inventory management method that the last items received or produced are the first items that are…

What is FIFO? FIFO stands for First In, First Out. FIFO is an inventory management method that the first items received or produced are the first items to be so…