FIFO/LIFO
FIFO (First In, First Out) and LIFO (Last In, First Out) are important inventory management methods used in warehouses and supply chains. Think of FIFO like a line at a grocery store - the first person who gets in line is the first one to check out. In warehouse terms, this means the oldest products get shipped out first. LIFO is the opposite - like stacking plates where you take from the top, meaning the newest items are used first. Companies choose between these methods based on their products and business needs, especially when dealing with perishable goods or accounting requirements.
Examples in Resumes
Implemented FIFO inventory management system for perishable goods, reducing waste by 30%
Trained warehouse staff on proper FIFO/LIFO procedures and documentation
Optimized warehouse layout to support LIFO storage methods for construction materials
Typical job title: "Inventory Management Specialists"
Also try searching for:
Where to Find Inventory Management Specialists
Professional Associations
Online Communities
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you decide between implementing FIFO or LIFO in a warehouse operation?
Expected Answer: A senior candidate should explain considerations like product type (perishable vs non-perishable), storage space, cost accounting implications, and industry regulations. They should provide examples from past experience of successfully implementing either system.
Q: How would you handle a situation where FIFO procedures aren't being followed correctly by staff?
Expected Answer: The answer should cover staff training approaches, implementing clear procedures, using technology for tracking, regular audits, and problem-solving methods to identify and fix the root causes of non-compliance.
Mid Level Questions
Q: What technologies or systems have you used to track FIFO/LIFO compliance?
Expected Answer: Should mention experience with warehouse management systems, inventory tracking software, barcode scanners, or other relevant tools used to ensure proper stock rotation and tracking.
Q: Explain how you would organize a warehouse layout to support FIFO operations.
Expected Answer: Should describe practical layout solutions like flow-through racks, proper aisle organization, clear labeling systems, and methods to ensure older stock is easily accessible.
Junior Level Questions
Q: Can you explain the basic difference between FIFO and LIFO?
Expected Answer: Should be able to explain that FIFO means oldest stock is used first, while LIFO means newest stock is used first, and provide simple examples of each in practice.
Q: What are some basic procedures for maintaining FIFO in a warehouse?
Expected Answer: Should mention proper stock rotation, date checking, clear labeling, organized storage areas, and basic documentation requirements.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of inventory rotation
- Stock counting and basic record keeping
- Using handheld scanners and basic warehouse equipment
- Following established FIFO/LIFO procedures
Mid (2-5 years)
- Managing inventory tracking systems
- Training staff on proper procedures
- Troubleshooting inventory discrepancies
- Implementing storage optimization strategies
Senior (5+ years)
- Designing inventory management systems
- Developing company-wide procedures
- Managing large warehouse operations
- Strategic planning and cost analysis
Red Flags to Watch For
- No hands-on warehouse or inventory management experience
- Unfamiliarity with basic inventory tracking systems
- Poor understanding of stock rotation principles
- Lack of experience with documentation and record-keeping
Related Terms
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