Enterprise glossary and term center

Research and understand all the intricate terms and definitions that surround the ecosystem of enterprise resource planning (ERP), enterprise software and no-code tools.

Last In First Out - Which is better LIFO or FIFO?

If your inventory costs are going up, or are likely to increase, LIFO costing may be better, because the higher cost items (the ones purchased or made last) are considered to be sold. ... If you want a more accurate cost, FIFO is better, because it assumes that older less-costly items are most usually sold first.