Understanding FIFO Inventory Costing in QuickBooks Online: A Comprehensive Guide

[@damon-burton]

Great breakdown of FIFO in QuickBooks. The visual aids were super helpful. Any recommendations for managing inventory fluctuations with FIFO Thanks for sharing.

[@nerdenterprises]

Hey Damon! Best thing to do for volatile prices, is keep a cash reserve so you can stock up when prices drop and ride it out when they are up. Years ago, I had a client who made jewelry where much of it was made with silver. At the time silver prices were all over the place, so I watched the markets and when prices dropped, I told her to have her guy (the one who actually made the jewlery) stock up.

[@damon-burton]

@@nerdenterprises Thanks. Keeping a cash reserve for stocking up during price drops is a smart strategy, especially for materials with volatile prices. I appreciate the real-world example from your experience with a jewelry client-it's a great reminder to stay proactive and watch the markets. I'll definitely keep this in mind for managing inventory fluctuations.