Issue transactions with FIFO costing

Hi Friends,

Our client is debating whether to implement Average or FIFO costing.

If client want to implement FIFO costing, Can inventory, sales order and WIP issues are done on the basis of FIFO?, i mean, user wants to issue oldest INV materials (FIFO basis). Clients big challenge is that all client's components and FG items are serial and lot control items. So If client go with FIFO costing, can this requirement be fulfilled?

i know that this can't be done with basic inventory module in average costing environment.

Please answer this question. Many of you might have already implemented Average and FIFO costing?