If your small business manufactures goods for sale or purchases goods for resale, you need to elect a method of accounting for inventory. In a resale business, all goods purchased for resale are ...

Wondering about FIFO vs LIFO? Learn about the two inventory valuation methods and which one is best for you. Many, or all, of the products featured on this page are from our advertising partners who ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

This account presents the value of inventories on hand that is expected to be sold to customers outside of the university. 040000: Inventory-Internal Sales/Consumed This account is similar to account ...