Glossary
FIFO / LIFO
Inventory cost calculation methods
FIFO (First In, First Out) assumes inventory that arrived first is sold first. Suitable for perishable products. LIFO (Last In, First Out) assumes the latest inventory is sold first — sometimes better for tax reporting during inflation. The chosen method affects COGS, profitability and taxation. In StoreChart you can choose a method per product and calculate cost automatically.