Some Uncommon Inventory Control Techniques that Work Great for Businesses

Inventory is the goods meant for sale as well as unsold goods. It includes raw materials, finished goods, and semi-finished goods. Inventory valuation is performed at the end of each financial year for calculating the cost of unsold inventory and cost of goods sold. It is vital as the shortage or excess of inventory impacts the profitability and production of a business. Inventory costing is an accounting concept, which impacts your gross profit and taxable income directly.