What is ageing item? What is FIFO?

Question

Accepted Answer

Ageing item refers to inventory that has been in stock for a long period of time without being sold. FIFO stands for First In, First Out.

Ageing item is inventory that has been in stock for a long time without being sold
FIFO is a method of inventory management where the oldest stock is sold first before newer stock
Example: If a company has 100 units of a product and sells 50 units, the remaining 50 units are considered ageing items

Accepted Answer

Ageing is term of goods that haven’t sold quickly or goods that haven’t sold suggested retail price.
FIFO Means First In First Out
Recently received the goods is arranged on last and the oldest items are sale in first.

Asked in LuLu Group International

What is ageing item? What is FIFO?

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