1MazManny Posted June 22, 2018 Posted June 22, 2018 First In, First Out - You sell the latest version of the product in your inventory. Opposite of this is LIFO, sell the older items first. LIFO is what I use at my bar, to sell the previously stocked item before the newly purchased item. This keep inventory rotating so items do not get old in stock.
ACE-IroncladCafe Posted March 31, 2024 Posted March 31, 2024 Sorry to necro, but for those that may find this in a search and are trying to learn, please keep in mind that 1MazManny's post is backwards. FIFO = First In, First Out; Oldest items are sold first. LIFO = Last In, First Out; Newest items are sold first. Loyverse has a decent article on best FIFO practices here.
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