Do we need lot numbered item for FIFO costing method?

AI generated answer (using internal Slack threads):

Based on the conversations, it appears that using Lot Numbered Items can be beneficial for the FIFO (First-In, First-Out) costing method in NetSuite. This is because each lot will have a specific cost, which can help in aligning cost and COGS (Cost of Goods Sold). However, it's important to note that Lot Numbered Items behave almost exactly the same as serialized ones, and you may need to manage inventory details accordingly. In addition, if you want to ensure FIFO works for physical inventory as well, then you must use lot numberings. However, if you're only interested in COGS and don't want to track it to the inventory level, FIFO can work without using Lot Items. Please note that while FIFO costing method may not provide an exact match for Cost to COGS, it can get you closer compared to other costing methods like Standard costing. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******