Companies have used the retail method of inventory accounting for many years. According to the Committee on Ways and Means, the retail inventory method has been the best accounting method since 1941.

Businesses of every size need to track and reconcile expenses that affect the price of goods they sell. Not doing so makes it difficult for you to determine if your income for your products is enough ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...