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 ...

When you prepare the tax return for your business each year, the cost of goods sold is probably a major expense that you subtract from revenues as part of determining taxable income. Your beginning ...

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 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 ...