FIFO is .a.Fast Issue Of Fast Order.b.First In First Out.c.Fast In Fast Outd.Fast Investment in Future Order.
Question
FIFO is
a. Fast Issue Of Fast Order. b. First In First Out. c. Fast In Fast Out d. Fast Investment in Future Order.
Solution
Answer
FIFO stands for "First In First Out." It is a method used in inventory management and accounting that assumes the first items added to inventory are the first ones to be sold or used. This concept is often applied in various fields, including supply chain management and finance, where it helps in tracking and evaluating the flow of inventory as well as calculating the costs associated with it.
In practical terms, if a business sells products, the oldest stock (the first items acquired) is sold before the newer stock. This approach can help in minimizing waste, especially for perishable goods, by ensuring that older items do not sit in storage for too long.
Therefore, the correct answer is b. First In First Out.
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