A great inventory system that would work well under the lean system of inventory management for Consolidated Electric is FIFO which stands for first in and first out. According to Arline (2015), it is an inventory management system in which the first stock or the stock that is the oldest is sold or used …show more content…
FIFO is a system that will benefit Consolidated Electric because it will set in place a tracking system that will work with the EOQ system that it already has in place. It will be a cost saver and very easy for employees to manage and work with. Tracking and keeping up with inventory can be very demanding; however, having an inventory accountability management system in place will cut cost and prove to be very beneficial over the long