{"id":20636,"date":"2024-01-19T10:04:34","date_gmt":"2024-01-19T09:04:34","guid":{"rendered":"https:\/\/rackbeat.com\/?post_type=product_features&#038;p=20636"},"modified":"2024-04-02T09:44:55","modified_gmt":"2024-04-02T08:44:55","slug":"inventory-valuation-method-fifo","status":"publish","type":"product_features","link":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/","title":{"rendered":"Inventory Valuation Method: FIFO"},"content":{"rendered":"","protected":false},"featured_media":20317,"template":"","meta":{"content-type":"","inline_featured_image":false},"product_features-cat":[233],"class_list":["post-20636","product_features","type-product_features","status-publish","has-post-thumbnail","hentry","product_features-cat-premium-subscription"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inventory Valuation Method: FIFO | Rackbeat<\/title>\n<meta name=\"description\" content=\"With Rackbeat&#039;s premium subscription, you can choose both average cost and FIFO as inventory principles.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inventory Valuation Method: FIFO\" \/>\n<meta property=\"og:description\" content=\"With Rackbeat&#039;s premium subscription, you can choose both average cost and FIFO as inventory principles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/\" \/>\n<meta property=\"og:site_name\" content=\"Rackbeat\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-02T08:44:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/\",\"url\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/\",\"name\":\"Inventory Valuation Method: FIFO | Rackbeat\",\"isPartOf\":{\"@id\":\"https:\/\/rackbeat.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png\",\"datePublished\":\"2024-01-19T09:04:34+00:00\",\"dateModified\":\"2024-04-02T08:44:55+00:00\",\"description\":\"With Rackbeat's premium subscription, you can choose both average cost and FIFO as inventory principles.\",\"breadcrumb\":{\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage\",\"url\":\"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png\",\"contentUrl\":\"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png\",\"width\":500,\"height\":500},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Forside\",\"item\":\"https:\/\/rackbeat.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inventory Valuation Method: FIFO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/rackbeat.com\/en\/#website\",\"url\":\"https:\/\/rackbeat.com\/en\/\",\"name\":\"Rackbeat\",\"description\":\"Effektiv lagerstyring\",\"publisher\":{\"@id\":\"https:\/\/rackbeat.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/rackbeat.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/rackbeat.com\/en\/#organization\",\"name\":\"Rackbeat\",\"url\":\"https:\/\/rackbeat.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rackbeat.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"\",\"contentUrl\":\"\",\"caption\":\"Rackbeat\"},\"image\":{\"@id\":\"https:\/\/rackbeat.com\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Inventory Valuation Method: FIFO | Rackbeat","description":"With Rackbeat's premium subscription, you can choose both average cost and FIFO as inventory principles.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/","og_locale":"en_US","og_type":"article","og_title":"Inventory Valuation Method: FIFO","og_description":"With Rackbeat's premium subscription, you can choose both average cost and FIFO as inventory principles.","og_url":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/","og_site_name":"Rackbeat","article_modified_time":"2024-04-02T08:44:55+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png","type":"image\/png"}],"twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/","url":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/","name":"Inventory Valuation Method: FIFO | Rackbeat","isPartOf":{"@id":"https:\/\/rackbeat.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage"},"image":{"@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage"},"thumbnailUrl":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png","datePublished":"2024-01-19T09:04:34+00:00","dateModified":"2024-04-02T08:44:55+00:00","description":"With Rackbeat's premium subscription, you can choose both average cost and FIFO as inventory principles.","breadcrumb":{"@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#primaryimage","url":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png","contentUrl":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png","width":500,"height":500},{"@type":"BreadcrumbList","@id":"https:\/\/rackbeat.com\/en\/product_features\/inventory-valuation-method-fifo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Forside","item":"https:\/\/rackbeat.com\/en\/"},{"@type":"ListItem","position":2,"name":"Inventory Valuation Method: FIFO"}]},{"@type":"WebSite","@id":"https:\/\/rackbeat.com\/en\/#website","url":"https:\/\/rackbeat.com\/en\/","name":"Rackbeat","description":"Effektiv lagerstyring","publisher":{"@id":"https:\/\/rackbeat.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/rackbeat.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/rackbeat.com\/en\/#organization","name":"Rackbeat","url":"https:\/\/rackbeat.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rackbeat.com\/en\/#\/schema\/logo\/image\/","url":"","contentUrl":"","caption":"Rackbeat"},"image":{"@id":"https:\/\/rackbeat.com\/en\/#\/schema\/logo\/image\/"}}]}},"ACF":{"dynamic_sections":[{"acf_fc_layout":"text_image_section","image":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/FIFO-1.svg","image_video":"","title_type":"h1","section_title":"Inventory Valuation Method: FIFO","section_content":"<p>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).<\/p>\n<p>&nbsp;<\/p>\n<p>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. <strong>You can choose either the &#8220;average cost&#8221; or &#8220;FIFO&#8221; inventory principle when selecting Rackbeat&#8217;s premium subscription.<\/strong><\/p>\n","button_text":"","button_url":""},{"acf_fc_layout":"list","title":"FIFO Is Based on the Idea That the Items Purchased First Are Also Sold First","description":"<p><span style=\"font-weight: 400;\">With the average cost, your financial inventory value is calculated based on the average price of the goods you have purchased. If, on the other hand, you choose &#8220;FIFO&#8221; (First In, First Out), your financial inventory value is calculated based on the principle that the first purchased products are also sold first. It is recommended that you consult with an accounting professional before setting up your Rackbeat account. You need to choose an inventory valuation method when your Rackbeat agreement is installed, and you cannot change the selected inventory valuation method after setup.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>If you want to use the FIFO inventory principle, you need to purchase our premium subscription<\/b><span style=\"font-weight: 400;\">. You can always have a discussion with one of our product specialists <a href=\"https:\/\/rackbeat.com\/en\/contact\/\">here<\/a><\/span><span style=\"font-weight: 400;\">\u00a0if you want more information about the two inventory principles.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-3b7a5c0e-32f4-41ae-9871-eb46b8991ad3\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-3b7a5c0e-32f4-41ae-9871-eb46b8991ad3\" class=\"hs-cta-node hs-cta-3b7a5c0e-32f4-41ae-9871-eb46b8991ad3\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/20251362\/3b7a5c0e-32f4-41ae-9871-eb46b8991ad3\"><img decoding=\"async\" id=\"hs-cta-img-3b7a5c0e-32f4-41ae-9871-eb46b8991ad3\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/20251362\/3b7a5c0e-32f4-41ae-9871-eb46b8991ad3.png\" alt=\"Back to the Features\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(20251362, '3b7a5c0e-32f4-41ae-9871-eb46b8991ad3', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n","list_repeater":false,"form_image":true,"from_shortcode":"","html_code":"","image":false},{"acf_fc_layout":"integrations","title":""}]},"featured_image_url":"https:\/\/rackbeat.com\/wp-content\/uploads\/2023\/12\/Lagerprincip.png","date_of_post":"19.01.2024","category_names":"Premium Subscription","_links":{"self":[{"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/product_features\/20636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/product_features"}],"about":[{"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/types\/product_features"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/media\/20317"}],"wp:attachment":[{"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/media?parent=20636"}],"wp:term":[{"taxonomy":"product_features-cat","embeddable":true,"href":"https:\/\/rackbeat.com\/en\/wp-json\/wp\/v2\/product_features-cat?post=20636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}