What is the difference between FIFO and LIFO?

FIFO: "First In, First Out

The FIFO method is a method of inventory management, which means that the oldest products are removed from your inventory before the newest ones. Companies that sell pre-cut products often use this type of method.

LIFO: "Last In, First Out

This is an accounting method for managing inventory and stocktaking. You have to be very careful because this method is forbidden in France. The aim of this method is to sell first the products produced or bought last. 

The FIFO and LIFO methods are inventory management strategies. The FIFO method is used in areas where the stock entry is important (product with a time limit, expiry date or subject to obsolescence). The LIFO method simplifies the inventory management process if you have no quality constraints.