MS Excel - LIFO inventory Method (Fully Automated) Tutorial
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- Опубликовано: 11 сен 2024
- #LIFO #Inventory_Management #inventory #stock #Excel_Inventory_Management #Inventory_Management_System
LIFO stands for Last in First Out. LIFO is a stock valuation method that is used to assign value or cost to inventory units. According to LIFO Inventory valuation and costing method cost to latest purchased units is assigned to first sold units.
LIFO is an inventory management. In this video yo will learn how you can setup a fully automated LIFO Inventory valuation method in Excel to manage your inventory.
This inventory management system or this inventory management template you can use to ease your warehouse management work.
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Here are links for FIFO Inventory Valuation Method.
MS Excel - FIFO inventory Valuation Method in Excel (Fully Automated) Tutorial (Part - 1)
• MS Excel - FIFO invent...
MS Excel - FIFO inventory Valuation Method in Excel (Fully Automated) Tutorial Part-2 - Data Entry form to Record Inventory
• MS Excel - FIFO invent...
Great movie, lovely spreadsheet! But you don't make all purchases and then make all sales. You buy some things, you sell some things, you buy some things, you sell some things, etc., so it has to compare dates to see what's available at any given moment. Based on sale date, you might sell some things bought early, then some things bought in the middle, etc.
Agree with Bart. The date isn't being considered in your formulas so LIFO can't be calculated as inventory is continually purchased and sold.
I agree. Ever come up with a solution to this issue? I've been searching for a way to do this for a while...*sigh*
@@taniajonesmusic Hi, did you happen to figure it out? It should be under Perpetual Inventory System.
Indeed helpful....Thanks
Thank you, Sir, Very Helpful
Nicely explained.. Keep up the good work
Great work and many thanks.
You have made the otherwise complex calculations veey simple to handle. As you have used sumifs, so it is very easy to add as many criterias as wish.... like for Item# etc. Also there is no issues technically over the period of time having various sale/purchase transactions if person knows how it works. The rate for each inventory can be worked in a seperate column to add clarity for general people to understand. I have tested the file and found ...WoW.... Keep sharing your good work and thanks again.
Best
Thank you!
You may wish to account for sales by date also (rather than using total sales for the period)
you have been very helpful.
I was wondering if it was possible to apply it with 2 or more different materials
for example
T-shirt
trousers
socks
Sir, can you share the template with me? In addition, it looks like the template is done under Periodic Inventory System. Do you happen to have the template under Perpetual Inventory System? Perpetual Inventory System could save you more tax.
Thanks
Dear sir, thank you for your video, but unfortunately, there is still an error, because if you change the sales date, the inventory value remains the same.
I don't get your point, please can you explain a little bit?
The error is that, suppose you purchased on Jan 1 and also sold on Jan 1. Further you purchased on Jan 2.
Now the closing stock on Jan 1 should be as per the purchases rates of Jan 1.
Now the error in your excel sheet is closing stock of Jan 1 is as per the purchases rates of Jan 2, instead of Jan 1.
Hope you will rectify the error and upload the video again. Also add the feature if you have multiple items in your stock.
How to make inventory valuation with Average valuation method? The other thing is how we are going to make the formula for both LIFO, FIFO and AVERAGE if there is different price for the same product?
Please share above worksheet.
Please provide your Email ID
wonderful, pls share the data