Does anyone know how I can view the FIFO cost for ...
# generalj
Jacob Burke
04/27/2023, 2:56 PMDoes anyone know how I can view the FIFO cost for an item? We are having issues with marking up items. Only purchase price (manual field) and average cost pull into the line items on a Sales Order. This means our markups are not always accurate. I am curious as to what the best practice is for pricing items when using FIFO costing method. We have 21,000 inventory items so mass price updates dont really work for us because of the ever changing prices.
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Simon Whittle
04/27/2023, 3:45 PMSimilar question was posed on reddit a few years back. This answer seems the most pertinent:
"You could run or schedule an Item Price Mass Updates every day or whatever. Go to Lists> Mass Update> Update Prices. On the Mass Update page you could select _Average Cos_t, for example, in the Bases On dropdown. Enter 30%, or 25%, etc, in the Amount field. You'll have to set one up for each price level but you can run it automatically on a schedule or on demand. "
In your case you can base it on the most recent cost.
Simon Whittle
04/27/2023, 3:50 PMI know you said that mass updates wouldn't work but a) you can schedule them and b) you could create multiple versions and break your items into subsets on the mass update criteria. That way, as an example, you could update 10% of your items each day knowing that all prices are updated every 10 days.