FOOD PACKAGING
TYPES OF FOOD PACKAGING MATERIALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Food In, Food Out
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First In, First Out
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Food In, First Out
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Food Out, First In
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Detailed explanation-1: -FIFO stands for “First In, First Out” and is an inventory accounting method used to track the cost of goods sold. This method assumes that the first items purchased (or produced) are the first items sold and that the cost of those items is the cost of goods sold.
Detailed explanation-2: -FIFO (“First-In, First-Out”) assumes that the oldest products in a company’s inventory have been sold first and goes by those production costs. The LIFO (“Last-In, First-Out”) method assumes that the most recent products in a company’s inventory have been sold first and uses those costs instead.
Detailed explanation-3: -First in, first out (FIFO) is an inventory method that assumes the first goods purchased are the first goods sold. This means that older inventory will get shipped out before newer inventory and the prices or values of each piece of inventory represents the most accurate estimation.