Inventory Cost Method – FIFO at Current Cost
For inventory cost method, the system utilizes FIFO (First In, First Out) at Current Cost. To more fully understand the FIFO at Current Cost process please read through the following use case: Case: A customer is using Restaurant365 for Inventory tracking. The customer purchases a new Purchased Item and does not have an existing balance of inventory on hand. Additionally the customer has not yet performed a Stock Count that included the new Purchased Item. Event 1 – Purchase inventory and record AP Invoice (8/25) Cost Tracking [table id=4 /] FIFO Result – The system assumes that the $80 worth … Continued