one of my client having Average costing method for some items since long time.
now they want to convert to FIFO.
My Query is how to valuate the inventory available on FIFO?
we are planinng to take a new Item instead of old and valuate the old item's inventory as per FIFO, so that i can do the Positive adjustment with the new Item code.
please suggest me the best way to valuate the old inventory as per FIFO.