Add Yahoo as a preferred source to see more of our stories on Google. FIFO stands for "first in, first out" and is used both commercially and domestically to manage inventory efficiently by ensuring ...

The inventory costing method your company uses directly affects your "cost of goods sold," which is an expense. The higher the expense you report, the lower your net income, and thus the lower your ...

FIFO (first in, first out) is the most common method of accounting for inventory. It assumes that the first items in were the first items sold. When inventory is used to create products, there is ...

But there is another option called the Specific Identification (SI) accounting method. Assume you bought several lots of security A over the year while the stock increased in price. You might prefer ...

Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Michael Logan is an experienced writer, producer, and editorial leader. As a journalist, he ...

Learn about the methods of calculating and tracking inventory that are used in retail accounting.