Category: Bookkeeping

LIFO Calculator for Inventory

The inventory at the end of the period should be $8,895, requiring an entry to increase merchandise inventory by $5,745. Cost of goods sold was calculated to be $7,260, …

First-In First-Out FIFO Method

It makes sense in some industries because of the nature and movement speed of their inventory (such as the auto industry), so businesses in the U.S. can use the …