HIS LESSON 10 PART 4 Flashcards
selling of perishable goods
FIFO
meaning of LIFO?
last in, first out
FEFO
fist expired first out
FIFO
first in, first out
Inventory with the earliest expiration date to be handled first
First Expired, First Out (FEFO)
Serial or lot numbers on items
First Expired, First Out (FEFO)
Common among non-perishable items like petroleum,
minerals, and metals.
Last In, First Out (LIFO)
Higher Cost Inventory
Last In, First Out (LIFO)
Common technique that is applied nowadays
FIFO
sold based on the order
purchase.
FIFO
By order of purchase.
FIFO
Where the last items who enter the system are sold first.
LIFO
Common among non-perishable items like petroleum,
minerals, and metals.
LIFO
To avoid expiring or still be used before the expiry date.
FEFO
as a first step in the process of purchasing. This could be followed by a quotation before proceeding to the purchase order.
purchasing request