FIFO is "first in, first out", (used basically for rotating stock) but could also be applied to other aspects of cooking.
LIFO would be "last in, first out" although I have never heard it before.
Generally, the oldest unsold or unutilized inventory items are classified as obsolete either partly or fully. Also, for certain deteriorating items the organisation would use them first to prevent...
LIFO (Last In First Out) is generally used for non-perishables so there is less need to physically move the inventory, while FIFO (First In First Out) is used for perishables because it decreases...