how to fifo method in tally 9 gold
fifo
Fifo is a acronym word and it stands for fly in, fly out.
On the Tally Gateway, after selecting the Company, press F12 to get the "Master Configuration" menu. In that menu, select "Allow ADVANCED Entries in Masters" under the Inventories Menu. Change the value to "Yes". Then press <Ctrl> + "A" to save and go into the Stock Item that you wish to modify. On the right hand side, a new panel called "Behaviour" can now be seen, in which one of the items is "Costing Method", which you can change to "FIFO" from the default of "Avg. price"
fifo
method of price asertainment
FIFO First in first out LIFO Last in last out
what is the difference beyween lifo and fifo
FIFO
fifo
cost of production report lifo method fifo method
FIFO (first in first out) is a method of account for inventory. With FIFO, if inventory costs are increasing your cost of goods sold will be lower than under the LIFO (last in first out) method. If inventory costs are increasing, FIFO will result in higher net income (lower COGS) than LIFO. If inventory costs are decreasing, FIFO will result in lower net income (higher COGS) than LIFO.
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.