Businesses use a variety of inventories as they service their customers. These include raw materials, work in progress and finished goods inventory for manufacturers or merchandise inventory for ...

When it comes time for businesses to account for their inventory, businesses may use the following three primary accounting methodologies: FIFO stands for "first in, first out," where older inventory ...

Estimating and costing inventory is an important function in manufacturing and retailing. Most manufacturing or assembly organizations use the original cost of materials to report inventory. Since ...