There are two main methods of inventory valuation. First-In, First-Out (FIFO) and Last-In, First-Out (LIFO). These can help you determine how much money your firm has tied up in finished goods, components, and/or raw materials. FIFO and LIFO pick inventory by the age of the item. This ensures the rotation of products, so you are picking items before their expiry dates. When […]
Inventory Management
Managing Inventory: Barcodes vs. Radio Frequency Identification
When managing your inventory, it is vital to consider which data collection method is best for you. Both barcode and RFID scanning (radio-frequency identification) are used for this purpose. However, these methods greatly differ. Not all companies are the same and this post will help you decide which scanner will be the best fit for your needs. Barcode […]
