Inventory and Cost Accounting

Inventory and cost accounting pages explain how goods move from purchase or production into inventory, cost of goods sold, and profit reporting. This section is where valuation, quantity control, and product-cost logic come together.

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• Inventory
• Work in Progress
• FIFO
• LIFO
• Weighted Average Cost
• Cost of Goods Sold
• Gross Profit Margin
• Internal Control

In this section

• FIFO
  Inventory cost-flow assumption that assigns the oldest recorded costs to units sold first.
• Inventory
  Goods held for sale, in production, or to be consumed in producing goods for sale, recorded as an asset until recognized through sale or use.
• LIFO
  Inventory cost-flow assumption that assigns the newest recorded costs to units sold first.
• Weighted Average Cost
  Inventory-costing method that assigns an average cost to units available for sale rather than separating old and new layers.
• Work in Progress
  Partially completed inventory that has entered production but is not yet ready for sale as finished goods.