What is LIFO/FIFO-relevant in SAP MM-IV - Invoice Verification?

SAP Term: LIFO/FIFO-relevant

• Component: MM-IV

• Component Name: Invoice Verification

• Description: Designation indicating that a material is subject to LIFO or FIFO valuation.

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• Key Concepts: 
  LIFO/FIFO-relevant is a term used in SAP's Materials Management (MM) Invoice Verification (IV) component. It refers to the Last In First Out (LIFO) and First In First Out (FIFO) methods of inventory management. LIFO and FIFO are two of the most commonly used inventory management methods, and they are used to determine the cost of goods sold (COGS). 
  
  How to use it: 
  In SAP's MM-IV Invoice Verification component, LIFO/FIFO-relevant is used to determine the cost of goods sold. The system will automatically select the appropriate method based on the user's settings. For example, if the user has selected LIFO as their inventory management method, then the system will use LIFO to calculate the COGS. 
  
  Tips & Tricks: 
  When setting up your inventory management method in SAP's MM-IV Invoice Verification component, it is important to select the appropriate method for your business. If you are unsure which method is best for your business, it is recommended that you consult with an expert in inventory management. 
  
  Related Information: 
  For more information on LIFO and FIFO, please refer to SAP's official documentation on inventory management. Additionally, there are many online resources available that provide detailed information on both methods.