LIFO (Last In, First Out) is an approach to inventory management used to track the movement of parts and goods in and out of a warehouse. It is based on the principle that the last item to enter the warehouse is the first item to be sold or used. This system is used to ensure that the most recently acquired items are used first, allowing for the most efficient use of resources. This system is beneficial for businesses that need to keep track of their inventory and ensure that their stock is rotated regularly.
