QuickBooks Online Inventory Valuation F.I.F.O Method (First In First Out FIFO)

In this learn QuickBooks Online Inventory training tutorial, you will learn how QuickBooks Online manages changing purchase costs for identical items that you buy and sell. If the same item is purchased by you more than once with the same purchase cost, then QuickBooks online needs to calculate a cost-per-unit in order to determine the cost of goods sold when the items are eventually sold. Of the 3 common inventory valuation methods, QuickBooks DESKTOP (not this) uses the “weighted average” method. However, our QuickBooks Online uses the “First In First Out” method (F.I.F.O) (FIFO) method of inventory valuation and ultimately calculating the cost of the inventory on hand for the “inventory asset” account as well as finding the goods sold for each sale.  
This QuickBooks YouTube Playlist will teach you every possible transaction type or issue that you could possibly have when managing merchandise inventory using QuickBooks Online. You will have total control over inventory quantities as well as your inventory work flow from purchases to warehouse storage to sales. All quantities will be tracked and all questions about non-inventory parts and 2 sided items will be answered. After watching this playlist, you will be able to guarantee that every aspect of your merchandise inventory records in QuickBooks Online will be correct to the last detail. You will master inventory reports and adjustments and always know what to do when receiving merchandise or selling the goods you trade.

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