Six Sigma Specialized (By Industry
Six Sigma Online
Typically, LIFO and FIFO are terms used primarily by the financial industry in dealing with invested money and its taxable status based upon the time at which it was invested and the tax legislation enacted after, during, and before the investment period. LIFO stands for Last In, First Out. Conversely, FIFO means First In, First Out. However, with Six Sigma LIFO - Last In, First Out has taken on a different application as it pertains to inventory as opposed to invested funds.