FIFO - Need to Know Correct Cost of Item

JAYESH

HI Experts,

I have set up system as FIFO. So on the item card the Item Cost is Average Cost for the Item.

I want to know the Correct Cost for the ITEM as FIFO.

How can i get that ?

Thank you

AdamRoue

The system will calculate it for you on an outbound entry based upon teh open transactions when the adjust cost item entry is run. You can then see it on the item ledger entries and view the make up from teh value ledger entries.

Alex_Chow

When you drill down on the item ledger, you'll be able to see the exact cost for each transaction layer.

I think there is a little confusion on what FIFO means. FIFO is only used when the item is sold, consumed, or negative adjusted. When this happens, the amount that's posted to your COGS is taken out based on FIFO.

So you don't look at your "value" in FIFO, in addition, Navision will show you the proper cost for each incoming transaction irregardless of the costing method you're using.

Hope this clears it up for you.

ajhvdb

Can you tell me what is COGS? and "value" is ?

Alex_Chow

COGS = Cost of Goods sold
Value = Inventory Value

ajhvdb

thx

Alex_Chow

no problem.