FIFO vs LIFO Inventory Process

​FIFO stand for First In; First Out for and LIFO stand for Last in, FIrst Out.

The two are inventory process for handling material in storage before being sold.  

For FIFO the material that is bought first for inventory is the first to be used or sold.

For LIFO the last material kept in inventory will be used or sold before material recently bought for inventory.