In this video, we break down the essential concepts of FIFO (First In, First Out) and LIFO (Last In, First Out) inventory management methods, explaining what they are and when to use them. FIFO assumes that the oldest inventory items are sold first, which can be beneficial in managing perishable goods and aligning with rising costs. LIFO, on the other hand, assumes that the most recently acquired items are sold first, which can help with tax benefits during periods of inflation. We’ll discuss the advantages and drawbacks of each method, and provide practical examples to help you decide which approach best suits your business needs. Tune in to gain insights that can optimize your inventory management strategy! Read more at monarch-inv.com/fifo-vs-lifo-what-are-they-when-to-use-them-kansas-city/