Craftybase Stocksmith

Why?

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Inventory management, manufacturing, and business strategy for small-batch product businesses.

FIFO vs LIFO vs Weighted Average Cost — Which Method Should Small Manufacturers Use?

bookkeeping tax

FIFO vs LIFO vs Weighted Average Cost — Which Method Should Small Manufacturers Use?

Not sure whether to use FIFO, LIFO, or weighted average cost for your product business? Here's what each method means in practice — with real production examples — and which one Stocksmith uses automatically.

· 15 min read
Inventory Requirements for Small Business: What the IRS Says and How to Track It

inventory management

Inventory Requirements for Small Business: What the IRS Says and How to Track It

The IRS doesn't care how small you are. If you make products from raw materials, you're required to track inventory. Here's what Publication 334 says — and the best way to keep track of inventory for your small business.

· 15 min read