In computing and in systems theory, first in, first out, acronymized as FIFO, is a method for organizing the manipulation of a data structure where the oldest (first) entry, or "head" of the queue, is processed first.
A supermarket is a self-service shop offering a wide variety of food, beverages and household products, organized into sections. This kind of store is larger and has a wider selection than earlier grocery stores, but is smaller and more limited in the range of merchandise than a hypermarket or big-box market. In everyday U.S. usage, however, "grocery store" is often used to mean "supermarket".
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases, and various other accounting purposes. The following equation is useful when determining inventory costing methods:
Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation.
Over-the-counter (OTC) drugs are medicines sold directly to a consumer without a requirement for a prescription from a healthcare professional, as opposed to prescription drugs, which may be supplied only to consumers possessing a valid prescription. In many countries, OTC drugs are selected by a regulatory agency to ensure that they contain ingredients that are safe and effective when used without a physician's care. OTC drugs are usually regulated according to their active pharmaceutical ingredient (API) rather than final products. By regulating APIs instead of specific drug formulations, governments allow manufacturers the freedom to formulate ingredients, or combinations of ingredients, into proprietary mixtures.
Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.
Apple cider is the name used in the United States and Canada for an unfiltered, unsweetened, non-alcoholic beverage made from apples. Though typically referred to simply as "cider" in North America, it is not to be confused with the alcoholic beverage known as cider in other places, which is called "hard cider" in the US. Outside of the United States and Canada, it is commonly referred to as cloudy apple juice to distinguish it from clearer, filtered apple juice and hard cider.
Shelf life is the length of time that a commodity may be stored without becoming unfit for use, consumption, or sale. In other words, it might refer to whether a commodity should no longer be on a pantry shelf, or no longer on a supermarket shelf. It applies to cosmetics, foods and beverages, medical devices, medicines, explosives, pharmaceutical drugs, chemicals, tyres, batteries, and many other perishable items. In some regions, an advisory best before, mandatory use by or freshness date is required on packaged perishable foods. The concept of expiration date is related but legally distinct in some jurisdictions.
Freeze drying, also known as lyophilization or cryodesiccation, is a low temperature dehydration process that involves freezing the product and lowering pressure, removing the ice by sublimation. This is in contrast to dehydration by most conventional methods that evaporate water using heat.
In computer science, a container is a class or a data structure whose instances are collections of other objects. In other words, they store objects in an organized way that follows specific access rules.
Food safety is used as a scientific method/discipline describing handling, preparation, and storage of food in ways that prevent foodborne illness. The occurrence of two or more cases of a similar illness resulting from the ingestion of a common food is known as a food-borne disease outbreak. This includes a number of routines that should be followed to avoid potential health hazards. In this way, food safety often overlaps with food defense to prevent harm to consumers. The tracks within this line of thought are safety between industry and the market and then between the market and the consumer. In considering industry-to-market practices, food safety considerations include the origins of food including the practices relating to food labeling, food hygiene, food additives and pesticide residues, as well as policies on biotechnology and food and guidelines for the management of governmental import and export inspection and certification systems for foods. In considering market-to-consumer practices, the usual thought is that food ought to be safe in the market and the concern is safe delivery and preparation of the food for the consumer. Food safety, nutrition and food security are closely related. Unhealthy food creates a cycle of disease and malnutrition that affects infants and adults as well.
A stockout, or out-of-stock (OOS) event is an event that causes inventory to be exhausted. While out-of-stocks can occur along the entire supply chain, the most visible kind are retail out-of-stocks in the fast-moving consumer goods industry. Stockouts are the opposite of overstocks, where too much inventory is retained.
Pallet rack is a material handling storage aid system designed to store materials on pallets. Although there are many varieties of pallet racking, all types allow for the storage of palletized materials in horizontal rows with multiple levels. Forklift trucks are usually required to place the loaded pallets onto the racks for storage. Since the Second World War, pallet racks have become a ubiquitous element of most modern warehouses, manufacturing facilities, retail centers, and other storage and distribution facilities. All types of pallet racking increase storage density of the stored goods. Costs associated with the racking increases with increasing storage density.
An inventory valuation allows a company to provide a monetary value for items that make up their inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and revenues cannot be properly matched and a company could make poor business decisions.
A food code is the organic body and systematized basic standards relating to food, condiments, stimulants and drink and beverages, their concerned raw materials, utensils and equipment use and domestic consumption.
Food spoilage is the process where a food product becomes unsuitable to ingest by the consumer. The cause of such a process is due to many outside factors as a side-effect of the type of product it is, as well as how the product is packaged and stored. Due to food spoilage, one-third of the world's food produced for the consumption of humans is lost every year. Bacteria and various fungi are the cause of spoilage and can create serious consequences for the consumers, but there are preventive measures that can be taken.
Shelf-ready packaging (SRP) and retail-ready packaging (RRP) refers to the packaging of a product so that it is delivered to a retailer in packaging which is optimized for efficient stocking and sale.
First Expired, First Out (FEFO) is a term used in field inventory management to describe a way of dealing with the logistics of products that have a limited shelf life. These items include perishable products or consumer goods with a specified expiration date. The product with the deadline for the next intake will be the first to be served or removed from stock. FEFO is majorly used in the pharmaceutical and chemical industries where expired dates are calculated based on a batch-expired date or shelf-life time.
An expiration date or expiry date is a previously determined date after which something should no longer be used, either by operation of law or by exceeding the anticipated shelf life for perishable goods. Expiration dates are applied to selected food products and to some other manufactured products like infant car seats where the age of the product may impact its safe use.
