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Lower of Cost or Market

Lower of cost or market is a rule intended to account for the possibility of losses in inventory value from drops in price or outmoded merchandise. It is a conservatism measure provided when inventory has fallen below current market and historical cost. Any of these losses are charged as cost of goods sold or loss […]

Inventory Estimates

When running a business, it is important to take stock of physical inventory to determine the financial health of the business. However, due to the size of inventories for many companies, calculating physical inventory on a regular basis may not be feasible, for time and money’s sake. Waiting until the end of a year to […]

Inventory Costing

When accounting for cost of goods sold, there are several means by which inventory pricing is determined. In maintaining and growing a company, inventory is often bought and sold at different prices instead of at a lump amount. At the end of an accounting period when purchased and sold items are calculated, there are several […]

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