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Inventory Item Current Cost

  • 1.  Inventory Item Current Cost

    SILVER CONTRIBUTOR
    Posted Jan 16, 2020 04:51 PM
    Hi - Has anyone created a smartlist that shows the breakdown of the Inventory Items Current Cost?  We are running Manufacturing and the current cost is updated with Manufacturing Order Receipts, I would like to break down the Current Cost between Material and Labor.

    Help!

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    Kristin Crass
    VICE PRESIDENT
    The Worth Company
    Stevens Point WI
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    Conference-GPUG_200x200


  • 2.  RE: Inventory Item Current Cost

    SILVER CONTRIBUTOR
    Posted Jan 17, 2020 08:20 AM
    Kristin,
    Unfortunately this is a major flaw in the system You spend all the time and effort to track the major components of an item then only the total gets updated in the Item Cost  field, which is the only COGS information I always had to look up the last MO for that item and get my breakdown.​

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    Jeff Strait
    Controller
    Ideal Deals, LLC dba Ideal Aluminum Products
    St. Augustine FL
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    Conference-GPUG_200x200


  • 3.  RE: Inventory Item Current Cost

    SILVER CONTRIBUTOR
    Posted Jan 17, 2020 09:30 AM
    Thank you Jeff, I would have been spinning my wheels on this one.  That really is unfortunate​ that Microsoft didn't think about how important that information was to the end user.


    ------------------------------
    Kristin Crass
    VICE PRESIDENT
    The Worth Company
    Stevens Point WI
    ------------------------------

    Conference-GPUG_200x200


  • 4.  RE: Inventory Item Current Cost

    GOLD CONTRIBUTOR
    Posted Jan 17, 2020 10:15 AM
    Kristin,
    You didn't mention your item valuation method, but you will get this breakdown to the GL if you are using Standard Costing.  This will show on the item card as FIFO or LIFO Periodic.  If using Periodic/Standard costing, GP will track 9 separate cost buckets down to inventory and CoGS.  Material, Labor, Machine, and Fixed and Variable overhead for each of these.  With Standard costing you can also track overhead for Buy items.
    Thanks,

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    Andrew Kennedy
    Principal Consultant
    Velosio
    Seven Hills OH
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    Conference-GPUG_200x200


  • 5.  RE: Inventory Item Current Cost

    SILVER CONTRIBUTOR
    Posted Jan 17, 2020 10:39 AM
    ​Thank you Andrew. We are using FIFO perpetual, therefore we are not utilizing Standard Costing.

    ------------------------------
    Kristin Crass
    VICE PRESIDENT
    The Worth Company
    Stevens Point WI
    ------------------------------

    Conference-GPUG_200x200


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