Description: Inventory management is one of the most significant roles of a business. It is essential for businesses to understand the nature of their business and their inventory of goods and accounting. Once a business understands the nature of their goods and how quickly inventory rolls in and out, they need to decide on an accounting system to follow in their business. There are mainly three types of inventory accounting: LIFO, FIFO, and Weighted Average System. In this article, we will discuss what FIFO is. The complete form of FIFO is – First In First Out. FIFO is a very simple and easy-to-understand inventory accounting system, but it cannot be used for businesses of all natures and can be used only for specific businesses such as perishable products or fresh produce. At the end of the day, the business and the owner need to decide which approach is best for the business, accounting purposes, and tax purposes.
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