Keywords: FIFO inventory method, First-In First-Out, inventory valuation, inventory accounting, FIFO vs LIFO, COGS, financial reporting, inventory management, GAAP, IFRS Introduction Inventory is one of the most valuable assets for product-based businesses. How a company values and tracks inventory directly affects its cost of goods sold (COGS), tax liabilities, and profitability. One of the most…
Tag: FIFO
How to create a FIFO Inventory Spreadsheet
Using Google Sheets Most of us work in businesses that already have their accounting software, that calculates for us all the account balances. We do not need to prepare agings, schedules, or inventory lists since the system takes care of us. However, several times your software does not accomodate your ideal solution for calculating an…