Item Costing Features and Functions
Costing an item or product taking into consideration standard or average costs, as well as FIFO (first in first out) or LIFO (last in first out).
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- Tracks and categorizes costs, such as last (cost), historic, average, standard, frozen, current, and planned
- Cost elements include direct and indirect costs, material, material burden, freight, labour (variable and machine burden, and fixed) tooling burden, subcontracts, etc.
- Resource cost distribution percentage defined by user
- Resource costs assigned by user
- Frozen, budgeted, current, and simulated costing buckets (multiple costing buckets)
- Overhead, labor, or material expense classes may be set as fixed and variable
- Calculates material burden, duty, and freight rates
- The different costs of an item is calculated by using the net difference by cost element, and totals
- Views of an item's last cost rollup and rollover dates
- Tracks product cost changes
- Calculates dollar values based on non-financial entries that are used for receipts and inventory write-down, and creates GL postings
- Reuses inventory
- Tracks both components and the assembled kits
- Different kits can contain the same components
- Returns are automatically posted to finished goods (dollars and units
- Specifies which returns can be returned to inventory, and which cannot
- Revalues or recosts finished goods based on actual costs incurred (source of actual data in a work in process system) and then posts variance to the GL
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Product Costing Features and Functions
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