Introduction
This module explores the intricacies of inventory cost methodologies. The method that your organization chooses for costing inventory impacts its value, profits that it records on manufacturing and sales, and price management. In this module, you learn about various costing methods that are available, including FIFO, LIFO, weighted average, standard cost, and more, including their implications on inventory valuation and financial reporting. Additionally, you learn about the inventory close process, its significance in settling issue transactions, and its effect on the general ledger. Then, you explore inventory recalculation, adjustments, and the archival of inventory transactions to optimize storage space and maintain performance efficiency.