{"id":1734,"date":"2022-12-27T07:20:58","date_gmt":"2022-12-27T07:20:58","guid":{"rendered":"https:\/\/silkysys.com\/?p=1734"},"modified":"2023-01-22T13:57:03","modified_gmt":"2023-01-22T13:57:03","slug":"fifo-or-lifo","status":"publish","type":"post","link":"https:\/\/silky.systems\/fifo-or-lifo\/","title":{"rendered":"FIFO or LIFO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1734\" class=\"elementor elementor-1734\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-37232e7a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"37232e7a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e5fd58a\" data-id=\"3e5fd58a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-708d7eaa elementor-widget elementor-widget-jkit_post_title\" data-id=\"708d7eaa\" data-element_type=\"widget\" data-widget_type=\"jkit_post_title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-post-title jeg_module___697d7b1511580\" ><h2 class=\"post-title style-color \">FIFO or LIFO<\/h2><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e7bda09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e7bda09\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6bbe0a8\" data-id=\"6bbe0a8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-80b6821 elementor-widget__width-auto elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"80b6821\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"far fa-user-circle\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7109f53 elementor-widget__width-auto elementor-widget elementor-widget-jkit_post_author\" data-id=\"7109f53\" data-element_type=\"widget\" data-widget_type=\"jkit_post_author.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-post-author jeg_module__1_697d7b15183ab\" ><p class=\"post-author \">Silky Systems<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8bba2cf elementor-widget__width-auto elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"8bba2cf\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"far fa-calendar-alt\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8394e4f elementor-widget__width-auto elementor-widget elementor-widget-jkit_post_date\" data-id=\"8394e4f\" data-element_type=\"widget\" data-widget_type=\"jkit_post_date.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-post-date jeg_module__2_697d7b151c49d\" ><p class=\"post-date \">December 27, 2022<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cefbbf8 elementor-widget__width-auto elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"cefbbf8\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"far fa-folder-open\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce42c70 elementor-widget__width-auto elementor-widget elementor-widget-jkit_post_terms\" data-id=\"ce42c70\" data-element_type=\"widget\" data-widget_type=\"jkit_post_terms.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-post-terms jeg_module__3_697d7b1520227\" ><span class=\"post-terms\"><span class=\"term-list \">Solution<\/span><\/span><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-221f4b18 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"221f4b18\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-68830306\" data-id=\"68830306\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d9f96c0 elementor-widget elementor-widget-jkit_post_featured_image\" data-id=\"4d9f96c0\" data-element_type=\"widget\" data-widget_type=\"jkit_post_featured_image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-post-featured-image jeg_module__4_697d7b1525ed7\" ><div class=\"post-featured-image \"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/silky.systems\/wp-content\/uploads\/2022\/12\/FIFO-or-LIFO.png\" class=\"attachment-full size-full wp-post-image\" alt=\"FIFO or LIFO\" srcset=\"https:\/\/silky.systems\/wp-content\/uploads\/2022\/12\/FIFO-or-LIFO.png 1200w, https:\/\/silky.systems\/wp-content\/uploads\/2022\/12\/FIFO-or-LIFO-300x169.png 300w, https:\/\/silky.systems\/wp-content\/uploads\/2022\/12\/FIFO-or-LIFO-1024x576.png 1024w, https:\/\/silky.systems\/wp-content\/uploads\/2022\/12\/FIFO-or-LIFO-768x432.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c0f9156 elementor-widget elementor-widget-heading\" data-id=\"6c0f9156\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">FIFO or LIFO<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13e29c7a elementor-widget elementor-widget-text-editor\" data-id=\"13e29c7a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Inventory management is an essential part of running a successful business. Keeping track of your inventory, reordering when necessary, and ensuring that you have the right products on hand when customers need them is key to keeping your business running smoothly. Two of the most common inventory management systems are FIFO (first-in, first-out) and LIFO (last-in, first-out).<\/p><p>\u00a0<\/p><p>FIFO stands for \u201cfirst-in, first-out\u201d and is a method used for inventory management where the first items added to inventory are the first items used or sold. This means the oldest items in your inventory are sold first, and the newest items are kept in reserve until the older items have been used or sold. FIFO is a popular inventory management system for businesses that produce or sell products with a limited shelf life, such as food or other perishable goods.<\/p><p>\u00a0<\/p><p>LIFO stands for \u201clast-in, first-out\u201d and is a method used for inventory management where the newest items added to inventory are used or sold first. This method is beneficial for businesses that produce or sell products with a longer shelf life, as the newest items are typically the freshest and of the highest quality.<\/p><p>\u00a0<\/p><p><strong>What it is better FIFO or LIFO?<\/strong><\/p><p>\u00a0It depends on the context. FIFO (First In, First Out) is usually used in situations where the order in which items are processed is important, such as in accounting or inventory management. LIFO (Last In, First Out) is often used in situations where the most recent items are the most important, such as in retail stores or online shopping carts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f57f8e elementor-pagination-position-outside elementor-widget elementor-widget-image-carousel\" data-id=\"59f57f8e\" data-element_type=\"widget\" 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elementor-element-7925b28 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7925b28\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4f112a0\" data-id=\"4f112a0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c835d7f elementor-widget elementor-widget-text-editor\" data-id=\"c835d7f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Share This :<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c8caa89\" data-id=\"c8caa89\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8910631 jkit-social-shape shape-none elementor-widget elementor-widget-jkit_social_share\" data-id=\"8910631\" data-element_type=\"widget\" data-widget_type=\"jkit_social_share.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div  class=\"jeg-elementor-kit jkit-social-share jeg_module__5_697d7b1538967\" ><ul class=\"social-share-list\"><li class=\"elementor-repeater-item-e461d32\" data-social=\"facebook\">\n\t\t\t\t<a href=\"#\" class=\"facebook social-icon\" aria-label=\"social-share\"><i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i><\/a>\n\t\t\t<\/li><li class=\"elementor-repeater-item-05e922a\" data-social=\"twitter\">\n\t\t\t\t<a href=\"#\" class=\"twitter social-icon\" aria-label=\"social-share\"><i 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class=\"meta-lists\"><span class=\"meta-date\"><i aria-hidden=\"true\" class=\"fas fa-clock\"><\/i>June 30, 2024<\/span> <\/div><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a href=\"https:\/\/silky.systems\/empowering-culinary-excellence-silky-systems-digital-transformation-of-a-world-class-entertainment-restaurant-complex\/\" >\n                    \n                    <div class=\"jkit-postlist-content\"><span class=\"jkit-postlist-title\">Empowering Culinary Excellence: Silky Systems&#8217; Digital Transformation of a World-Class Entertainment Restaurant Complex<\/span><div class=\"meta-lists\"><span class=\"meta-date\"><i aria-hidden=\"true\" class=\"fas fa-clock\"><\/i>April 15, 2024<\/span> <\/div><\/div>\n                <\/a>\n            <\/article><article class=\"jkit-post post-list-item\">\n                <a 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<div class=\"jkit-categorylist-content\">Solution<\/div>\n                <\/a>\n            <\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FIFO or LIFO Silky Systems December 27, 2022 Solution FIFO or LIFO Inventory management is an essential part of running a successful business. Keeping track of your inventory, reordering when necessary, and ensuring that you have the right products on hand when customers need them is key to keeping your business running smoothly. Two of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1738,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"om_disable_all_campaigns":false,"rank_math_lock_modified_date":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solution"],"_links":{"self":[{"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/posts\/1734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/comments?post=1734"}],"version-history":[{"count":14,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/posts\/1734\/revisions"}],"predecessor-version":[{"id":1940,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/posts\/1734\/revisions\/1940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/media\/1738"}],"wp:attachment":[{"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/media?parent=1734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/categories?post=1734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/silky.systems\/wp-json\/wp\/v2\/tags?post=1734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}