Discover essential methods for calculating business costs and their tax implications. Learn how accountants and producers ...

How a company values its inventory affects its income statement and bottom line. "Average cost" and "last in, first out," or LIFO, are two of the most common methods for valuing inventory. Both rely ...

Inventory includes raw materials, partially finished goods and finished goods. A retail business may have finished goods awaiting shipment, while a manufacturing business may have raw materials and ...