For keeping the track of raw materials and inventory allocation, there are different methodologies and trends being followed around the globe. Depending on the nature of operations and product line, there are different orders and sequences to settle out the stock for sale and for shipment. At project site, regular work always needs smooth and well-planned allocation of inventory for regular and hurdle-free operations. FIFO that stays for first in first out is the method of utilizing all resources and inventories in production and project completion by taking the materials of earlier entry at first hand.

For example, at an electronics retail store, store keeper will display the earlier lot first and then the next one, as to avoid the attentive loses due to advancement in design, technology and appearance. Therefore stock bought earlier will on note first and the stock bought later will retail out later. There are LIFO and other methods of inventory settlement but FIFO is specifically focused at the places where time space of keeping stock matters a lot and selling things on late days can let you suffer bad loss.

For all these tasks, there are well-elaborated and well-structured Excel templates which help you allocating the material according to dates and help you managing the stock with FIFO principals. These templates are automated to show the previous entries on highlighted notes and classify the category of inventory allocation according to its time of entry in the warehouse.

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