If you sell merchandise or manufacture goods, you measure your gross profits by your sales revenues less the cost of goods sold, or COGS. The equation for COGS is beginning inventory plus purchases ...

If you are making your own financial statements for a small business, it can be hard to determine where you need to report accounts. Inventory is a balance sheet account and it is an asset. It is an ...

Discover how the FIFO method simplifies COGS calculations, using examples and comparisons to enhance your financial ...

Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

Learn how the specific identification method lets you track individual inventory costs and improve sales insights. Ideal for ...

The workwear retailer plans to have its stock reflect more of its core products and will cut SKUs throughout 2026.

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 ...