Automatic FIFO Inventory Costing for Single or Multi Products/Raw Materials on Excel Spreadsheets
Originally published: 20/09/2024 10:56
Publication number: ELQ-75012-1
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Automatic FIFO Inventory Costing for Single or Multi Products/Raw Materials on Excel Spreadsheets

Effortlessly manage your inventory with this automated Excel solution, designed to track and calculate stock costs using the FIFO method.

Description
Automatic FIFO Inventory Costing for Multiple Products/Raw Materials on Excel
Streamline your inventory management with this easy-to-use, automated Excel solution designed to calculate inventory costs using the First-In-First-Out (FIFO) method. Simply input your raw material purchases and costs, along with the quantity of materials used, and let the file handle the rest. This tool automatically tracks stock levels and calculates the cost of materials consumed, helping you stay organized and efficient.


Key Features:
  • Automated Costing with FIFO: Input raw materials in the order they are purchased and track stock consumption automatically, ensuring accurate FIFO-based cost calculations, Which will provide the Cost of Used/Sold Inventory and Cost of Available Inventory.
  • Concise and User-Friendly Design: With only 5 simple sheets, this tool is highly streamlined for quick and easy use:
    1. Data Source Sheet: Input raw material names and units of measure (UOM).
    2. Inventory Inflow Sheet: Record your material purchases with essential details.
    3. Inventory Outflow Sheet: Log the quantities of raw materials used in production.
    4. Inventory Stock Report: Get an automatic, real-time overview of your remaining stock, total inflows, and outflows by each raw material, and it also provides you with the cost of sales/used and cost of available stock according to FIFO costing.
    5. FIFO Support Sheet: Completely auto-calculated, this sheet powers the FIFO calculations and provides support for your stock reports—no edits needed.
This tool offers a complete, simplified solution for businesses that need to manage multiple raw materials with precision and ease. Stay on top of your inventory with minimal effort and ensure accurate costing with every transaction.

This Best Practice includes
Inventory Costing Using FIFO Calculations, Automatic Stock Report using FIFO, Cost of Sales Using FIFO Method of Costing

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Further information

1- Automate Inventory Costing – Eliminate manual calculations and streamline stock management using the First-In-First-Out (FIFO) method.
2- Enhance Efficiency – Input raw material data effortlessly and get real-time updates on stock levels and costs.
3- Simplify Inventory Tracking – Manage multiple products with ease, while maintaining accurate stock records and cost analysis.
4- Minimize Errors – Ensure precise FIFO-based cost tracking, reducing human error in stock management.


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