Sage 300 provides ‘Inventory Control’ module to maintain organization’s stock related data. Inventory valuation allows a company to assign a financial value to the items that make up their inventory. Sage 300 ERP has a very strong inventory control module, with the different costing methods supported. Inventories are usually the largest current asset of any business and their proper measurement is essential to determine accurate financial statements. If inventory is not properly measured, costs and revenues may not be properly matched and the company may make poor business decisions.
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There are 6 costing methods available in Sage 300 ERP for Inventory Valuation. In this blog we are going to discuss about how user can assign FIFO/LIFO costing method to particular item and also how user can check for which items FIFO/LIFO costing method is assigned in FIFO/LIFO Inquiry screen.
First of all FIFO means goods are used in the order they are purchased and LIFO means goods received last are used first. In Sage 300 ERP, user can assign FIFO/LIFO and other costing methods in Account Set Code option by navigating to Inventory Control>>I/C Items and Price Lists>>Items screen. Please refer below screenshots.
After assigning FIFO/LIFO costing method to item, click on LIFO/FIFO inquiry screen by navigating to Inventory Control>>I/C Statistics and Inquiries>>LIFO/FIFO Inquiry screen. Please refer below screenshot.
Then from the Account Set Code field, select the costing method that the user wants to see for which item FIFO or LIFO costing method is assigned. Then select the range of items or select particular item to see which method is applied to selected item. Also Location wise, user can select items to see costing method. Then click on go button and user can see for which item FIFO/LIFO costing methods are assigned. Please refer below screenshot.
Then select any item from the grid and click on details button, here user can see how costing is applied against particular item i.e. User can also see the costing scenarios when quantity received, quantity shipped and quantity available in your inventory with respect to the receipt/document number. Please refer below screenshot for same.
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