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.
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