“FIFO.” It’s a term you may have heard in, for instance, supermarkets. What does it mean and are there more of these terms?

FIFO means First In, First Out. What comes in first, goes out first as well. This way older products do not stay behind when you sell new products. For products that come in later but will expire first, usually the FEFO system is used. FEFO means First Expired, First Out.

Then there’s also the LIFO system; Last In, First Out. This system is least used and sometimes comes in handy for bookkeeping matters.