Costing methods are very important to nail down because, given the same stock levels and purchase prices, each method can report very different levels of profit and cost of goods sold (COGS). We’ve talked about FIFO (First in first out) and LIFO (Last in first out) costing methods before, so it’s now time to discuss […]Continue reading
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Master inventory accounting, formulas and ratios with beautiful, easy to follow examples.
The FIFO method stands for first in first out, and LIFO method stands for last in first out. FIFO and LIFO have a huge effect on how you end up reporting on your business profits. Depending on the type of business you run — and where you run it — you may not actually have […]Continue reading