Costing inventory methods are financial techniques used to assess the value of goods in stock. Companies use these methods to record their inventory figures and accurately track costs associated with the items. There are several types of costing inventory methods, including first-in-first-out (FIFO), last-in-first-out (LIFO), moving average, weighted average and specific identification. Each one has advantages and disadvantages depending on the type of business, so companies must choose carefully which method is right for them. By calculating inventory accurately and efficiently, businesses can better manage their costs and stay profitable.