FIFO becomes Personal - FIFO becomes Personal It is easy to find book explanations on how FIFO and LIFO inventory methods and accounting methods

FIFO becomes Personal - FIFO becomes Personal It is easy to...

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FIFO becomes Personal It is easy to find book explanations on how FIFO and LIFO inventory methods and accounting methods interact. There are many explanations on how a manager should choose an accounting method that coincides with their inventory management method. Using firsthand experience in the restaurant industry may add some applicability to the FIFO and LIFO inventory management process. In food service it is important to use the FIFO method of inventory management. The use of LIFO inventory management in the food service can get people sick and waste a lot of money for managers (Dopson & Hayes, 2011, p. 102). LIFO outside of the food service also results in high costs for companies as overhead increases to store old wares. FIFO is something that affects every person that walks into a food service location.

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