The system provides a variety of cost calculation methods. User can choose the suitable calculation method for the cost of inventory to suit company operation.
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Average |
System calculates the total posted value divided by the total quantity of the goods. |
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Standard Cost |
System uses the product standard cost as the cost of goods sold for the calculation. |
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Last Purchase |
System uses the last purchase item price as the cost of goods sold for the calculation. |
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FIFO (Charge Function) |
When deducting inventory, system calculates the cost according to the first-in, first-out basis. |
FIFO is an advanced cost system and replaces the costs systems provided with the Standard Inventory System.
The Program maintains a Cost Table. For each increase of stock, a record is created and assigned and ID in a sequential manner. Upon deducting stock, items are retrieved from the Cost Table in a sequential manner. Costs are calculated based on the proportion of quantities deducted and can be clearly tracked from the "Cost Identification Report".