FIFO Vs LIFO - Inventory Valuation Method

FIFO Vs LIFO – Which Is The Best Inventory Valuation Method?

 Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…

sales-orders

Working With Sales Orders

What is a Sales Order & where is it used? The Sales Order, sometimes abbreviated as SO, is an order issued by a business to a customer. A sales order specifies the details about products and/or services ordered by a specific customer along with the price, quantity and terms and conditions. Businesses use it as a confirmation…