Use this FIFO calculator to accurately compute the cost of goods sold and remaining inventory using the First-In, First-Out accounting method.
FIFO Calculator
How it works
The FIFO (First-In, First-Out) calculator computes the cost of goods sold based on the FIFO inventory valuation method. With FIFO, the cost of goods sold is the sum of the costs of the oldest items in inventory until the quantity sold is met. This calculator requires you to input item costs and quantities (as pairs, separated by commas), and the quantity of items sold. Then, it will determine the cost of goods sold by sequentially subtracting from the oldest stock until the sold amount is reached.
How to use it
Enter the cost and quantity of each item in the first input box, separated by commas – for example, “5.00, 10, 6.00, 20” would imply you have 10 items at $5.00 each and 20 items at $6.00 each. In the next box, input the total quantity of items sold. Click “Calculate” to see the resulting cost of goods sold based on FIFO. The result will show below the button.
Limitations
This calculator assumes all inputs are correct and in the format specified. If there are more items sold than available based on the inventory input, it will return an error. The calculator does not save any data and will need to be refilled upon page refresh. Also, this calculator presumes a consistent currency and does not account for potential currency conversion or varied units of measure.