For items with costing methods that use actual cost as the valuation base (FIFO, LIFO, Average, or Specific), inventory increases are valued at the items acquisition cost.
Navigation – Modules > Cost management > Inventory accounting > Released products > Action pane > Manage Costs > Costing > Cost Object > Average unit cost.
1. Create an item model group for standard costs.
2. Use the Item model groups page to create a new group for standard costs, and assign an inventory model of Standard cost.
3. The identifier for the item model group should be meaningful, such as Std Cost.
4. Select the check boxes to indicate that the group should allow financial negative inventory, and that it should post physical inventory and financial inventory.
This standard cost group will be assigned to items.
FIFO cost: Modules > Product information management > Products > Released products > Manage Costs > Prices > Price.
If your company is looking for ERM services in Vadodara or anywhere around the globe, drop an email to email@example.com and our team will be glad to set up a free demo for your brand!