how do i make a cogs report actual versus standard cost and variance

AI generated answer (using internal Slack threads):

To create a COGS (Cost of Goods Sold) report that shows actual versus standard cost and variance, you would need to leverage NetSuite's reporting capabilities. Here's a general approach: 1. Create a Custom Report or Saved Search: Start by creating a custom report or saved search in NetSuite. This will allow you to select the specific fields and criteria you want to include in your report. 2. Select Relevant Fields: For a COGS report, you would typically include fields such as Item, Quantity, Standard Cost, Actual Cost, and Variance. The Variance can be calculated as the difference between the Standard Cost and Actual Cost. 3. Set Criteria: You may want to set criteria to filter your report. For example, you might want to only include transactions within a certain date range, or only include certain types of items. 4. Group and Summarize Data: Use the grouping and summarizing features in NetSuite to organize your data. For example, you might want to group your data by item, and then summarize the Quantity, Standard Cost, Actual Cost, and Variance fields. 5. Run and Save Your Report: Once you've set up your report or saved search, you can run it to view your data. You can also save it for future use, and schedule it to run automatically at regular intervals. Remember, the actual cost is the cost that your company incurs to produce a product or service, while the standard cost is the expected cost to produce it. The variance is the difference between these two costs, which can provide valuable insights into your company's performance. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******