FIFO Vs LIFO - Inventory Valuation Method

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

┬áInventories 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┬áSales 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.┬áBusinesses use it as a confirmation…