Well....
Most of our products are unique and we keep minimal stock, so FIFO does not often apply here. When it does however, I feel that it works.
My previous job on the other hand was a spare parts depot, where FIFO played a major role. It worked most of the time. For a while there we benchmarked with a food industry. Oh boy, did they ever manage FIFO well. They had to, or they would have had a lot of rotten food on their shelves.
/Claes