Explain the difference on inventory items of Average Cost, Purchase Price, and Last Purchase Price. Explain how these three values are populated.

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** In NetSuite, the terms Average Cost, Purchase Price, and Last Purchase Price are used to track the cost of inventory items. Here's how they differ and how they are populated: 1. Average Cost: This is the average cost of all the units of an item available for sale. It is calculated by dividing the total cost of goods available for sale by the total units available for sale. This value is automatically updated by NetSuite as you purchase and sell items. If you are using units of measure, the average cost is in stock units. 2. Purchase Price: This is the price that you pay to your vendor when you purchase an item. This value needs to be manually entered when you create a purchase order. If you have multiple vendors providing different prices, you need to enter the purchase price for each vendor. The purchase price is in purchase units. 3. Last Purchase Price: This is the most recent price that you paid to your vendor for an item. This value is automatically updated by NetSuite each time you purchase the item. Like the purchase price, the last purchase price is in purchase units. In terms of retrieving these values via SuiteScript, it's important to note that

averagecost

and

lastpurchaseprice

are calculated behind the scenes and may not be available at certain points in the record lifecycle, such as in a beforeSubmit script. You may need to use an afterSubmit script to reliably access these values. If you're using the FIFO costing method and want to base your sales prices on the most recent cost, you could consider running or scheduling an Item Price Mass Update based on the most recent cost. Even though you have a large number of inventory items, you could break your items into subsets and update a portion of them each day.