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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- User may determine costing methods
- 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.
- Cost elements of production models include resource class, sub-class, and individual class
- Classifies a cost, that would otherwise be considered a variable, as fixed
- Indicates difference between a factory cost from production, and a non-factory cost from accounting expenses
- Resource cost distribution percentage defined by user
- Overhead, labor, or material expense classes may be set as fixed and variable
- Allocates overhead by material or energy usage, key ingredient, and machine time
- Assigns user-defined cost codes to resources
- The different costs of an item is calculated by using the net difference by cost element, and totals
- 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
- Maintains multiple costing layers for WIP and finished goods
- 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
- Real time upload and download from and to PC-based applications
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Product Costing Features and Functions
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