Just-in-Time, or JIT, is a methodology that helps your business reduce waste in production. It is geared toward making just what is needed, when it is needed, and only in the amount needed. JIT was ...

An itemized list or catalog of the stock of a business There’s more to inventory control than simply buying new products. You have to know what to buy, when to buy it and how much to buy. You also ...

Businesses may use two systems to maintain inventory records: perpetual and periodic. Now that computing systems that tie inventory and sales records together are widely available, most companies use ...

Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.