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 ...

How a company values its inventory affects its income statement and bottom line. "Average cost" and "last in, first out," or LIFO, are two of the most common methods for valuing inventory. Both rely ...