Beginning inventory is the book value of a company’s inventory at the start of an accounting period. It is also the value of inventory carried over from the end of the preceding accounting period.

There are two main types of business. These are businesses that deal in products and businesses that deal in services. All other types of businesses are a mix of one of these two. Think about it, as a ...

Businesses produce revenues through selling their goods and services to interested customers. To acquire the products intended for sale, businesses must either manufacture or purchase them from their ...

Several methods exist for valuing inventory on hand. The university allows First-In, First-Out (FIFO) and Weighted Average methods. There are advantages and disadvantages to both, but each assigns a ...

Learn about the methods of calculating and tracking inventory that are used in retail accounting.

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

How LIFO and FIFO accounting methods impact a company's inventory outlook Fact checked by Suzanne Kvilhaug Reviewed by Natalya Yashina All companies must determine how to record the movement of their ...