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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- Multiple cost associations for each item and location
- 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
- Non-recurring charges from purchase orders are based on total non-recurring expenses (NRE), cost and quantity of product ordered is tied to shop order/job/project
- Indicates difference between a factory cost from production, and a non-factory cost from accounting expenses
- 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
- Allocates overhead by material or energy usage, key ingredient, and machine time
- Calculates material burden, duty, and freight rates
- 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
- Incremental and accumulated cost views for items
- Views of an item's last cost rollup and rollover dates
- What-if scenarios can measure the affects of changing costs
- Online adhoc roll-ups against frozen and current costs are displayed in real time
- Tracks product cost changes
- Tracks costs, such as fixed, variable, overhead, etc. by item
- Calculates dollar values based on non-financial entries that are used for receipts and inventory write-down, and creates GL postings
- Tracks product cost budget to create budget variance analysis, online
- Reuses inventory
- Maintains multiple costing layers for WIP and finished goods
- 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
- A cross-reference table can be used to automatically post receipts and transfers, and book physical adjustments between an inventory system and GL system that use different numbering systems
- 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
- Values finished good inventory using the variable cost component, and expenses the fixed cost component when the first item is shipped
- Real time upload and download from and to PC-based applications
- Identifies and segregates bulk expense (MRO) items in BOM
- Cost held at individual stock-keeping unit (SKU) level (e.g., can differ by color and size, or other key attribute)
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Product Costing Features and Functions
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