HIFO (Highest In First Out)- This is a type of inventory management system where goods of a higher value are released for first consumption. This is done to prevent a loss because the higher price could not make its equilibrium for a more significant time, and hence after the falling of the price, it won’t be easy to sell them or use them for consumption. Suppose a new launch of a beauty product with some variations attracted the consumers and pushed the demand; this will lead to a rise in price. To book profits, the company will raise the cost of the next lot. This lot will be sold first as after some time, the taste and preferences of a consumer will change, and if it is not managed well, losses are inevitable.
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