Inventory Valuation Method: FIFO
Before setting up your Rackbeat account, you need to clarify which inventory valuation method you want to calculate your financial inventory value based on: Average Cost or FIFO (First In, First Out).
Before you start keeping track of all your inventory movements in terms of purchases and sales, you need clarification on which inventory valuation method you want to work with. The inventory valuation method determines how your cost prices and the financial inventory value on your shelf are calculated. You can choose either the “average cost” or “FIFO” inventory principle when selecting Rackbeat’s premium subscription.