Hi Dear Reader, This topic is about type of Inventory Costing Methods. In Netsuite, inventory costing method allow you to choose the way Netsuite calculates the cost of items. Inventory Costing Method determine how inventory costing calculations are handled for costs related to same item at different purchase prices over a certain period. Type Of Inventory Costing Methods: 1. Fist-In, First-Out(FIFO) - Using FIFO, the first goods purchased are assumed to be the first goods  sold so the ending inventory cosistes of the most recently purchased goods. This method is useful to track  different shipments of similar products.   2. Last-In, First-Out (LIFO) - Using LIFO, the last goods purchased are assumed to be the first goods   sold so that the ending inventory costing of the first goods purchased. 3. Average (Moving Average Method) - Inventory costing is calculated as the total units available   during a specific date range divided by the ...