A system and method is provided for monitoring a status of a plurality of products, such as prepared food, located in product locations within stations throughout a restaurant. The status of each product indicates whether that product exists in a particular storage location, and whether that product has exceeded its shelf life or hold time. The storage time which has elapsed for each product is automatically counted and compared to the hold time. A cook time, which is that duration of time required to cook a particular product, is also maintained for each of the products. The status indicates when additional product should be cooked in order to have new product prior to the expiration of existing product by indicating when the hold time less the cook time has elapsed. The status also indicates which product is the oldest to facilitate the transfer and use of the oldest product first. A transfer of one product to another product location automatically transfers the corresponding elapsed storage time with that product.