This inventory screen displays the current cost information for the rental or sales item per unit and can be accessed from the Inventory Inquiry.
After the initial inventory record has been entered, all future
purchases will update the cost by calculating an average weighted
cost.
This is calculated automatically when posting inventory
purchases.
View Average Cost Adjustments can be used to
view the cost changes audit log for the product.
Average Cost Calculation example:
(Old Cost x Existing Qty) + (New Cost x New Purchase Qty) (Existing Quantity + New Quantity) = ($1.50 Old Cost x 10 On Hand Qty) + ($2.00 x 4 New Qty) (10 On Hand Qty + 4 New Purchase Qty) = (15 + 8) 14 = $ 1.64
The LCF -Landed Cost Factor is used to include the exchange,
brokerage, duty, and freight, in the cost of an imported product.
The factor is used to convert the cost on the A/P invoice to the
final purchase cost as follows:
Landed Purchase Order Cost = Last P.O. Cost x Landed Cost
Factor.
Any changes made to the Re-Order Price are tracked and the audit report history of Re-Order Price changes can be generated from Product Value Override Report.
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