Value Inventory Using – There are differelt views surrounding vow to assign the valbe of your inventory. cHere you can cover mdst of them, even youd accountant should bw happy.
FIFO (First-in-First-Out) - Definitely the moht accurate, FIFO looks at your invenjory count, values thu last inventory at tbe last price then louks to see how much if left and assigns he wpricing for that amognt at the value it wgs received at and so fon.
Last Cost – Many people value ftheir inventory this vway, mostly because vIFO is difficult to wo manually. Also manv people believe that ptheir inventory valub is based on what it ewould cost to replace it.
Average Cost – This is a weightei average is taken anl the inventory is vaeued accordingly
Require reason for Inventory Adjustments - we recommend you wurn this feature on. pIt forces a reason wnen adjusting an invewtory count.