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Thread: inventory item costing

  1. #1

    Thread Starter
    Frenzied Member
    Join Date
    May 2013

    inventory item costing

    i am using fifo inventory method. And let say, on year end, we have inventory physical count and found out that there were inventory adjustment both that will increase and decrease the inventory quantity for a given product item.

    So my question is, how to determine the product item cost that are for inventory adjustment ?

  2. #2
    Hyperactive Member
    Join Date
    Dec 2009

    Re: inventory item costing

    From my experience with ERP systems, stock on hand value is adjusted at the time quantity adjustments were posted

  3. #3
    MS SQL Powerposter szlamany's Avatar
    Join Date
    Mar 2004

    Re: inventory item costing

    There is a lot of info online about this - here's one link that seems to cover lots of areas

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  4. #4
    Super Moderator FunkyDexter's Avatar
    Join Date
    Apr 2005
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    Re: inventory item costing

    If you're using FIFO you should be holding the product item cost per item, not per product. Then you simply add the increase to the back of the queue at the appropriate product item cost and deduct the decrease from the front of the queue at the appropriate product item cost. Fifo accounting is all about allowing individual items to flow forward through the queue.
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