Hi guru

I want to use the the actual FIFO costing for item.
EX:
Item A cost price: 50 EUR
Purchase price: 70 EUR
The question is:
how to show the actual cost of item A? I mean 70 EUR
When posting this transaction to GL. the amount must be 70 EUR.
When sale this item the COGS mus be 70 EUR. How to view it?

Regards
Thang

Hi
In my opinion you should to used Lot price. (FTP GL post = 50 EUR, LOT Price GL Post =70 EUR ) then on sale if you specific these lot the COGS should be 70 EUR too.
Poowanai

In LN 6.1 there is no need to use lot pricing. You can use FIFO as the valuation method for the warehouse-item combination.

If there is no inventory of the item in the warehouse, set the valuation method to FIFO via "Warehouse-Item" (whwmd2110s000). If there is existing inventory, you must use session "Change Valuation Method" (whina1232m000).

For your example, when the receipt posts to inventory, that receipt line will be valued at 70 EUR (each). If you sell the item, the COGS will be 70 EUR.

The receipt itself will not change the standard cost so in "Items Costing" (ticpr0107m000) etc, the cost will still show as 50 EUR. (At least until you calculate and update standard costs.)

To see the actual FIFO costs, use "Warehouse Receipts" (whina1512m000). For each receipt line you will see the original receipt qty, the original receipt amount and the remaining qty (qty to be consumed). Because the receipt amount is the total, you may need to calculate the actual unit cost. If you have many receipts, it will be easier to see the FIFO structure if you filter on Qty to be Consumed > 0 and sort by transaction date.

Scott

I want cosprice nearly equa to the average price for all item in inventory (Coppy avg price to cost price). are there any ways to do this?