Overview
FIFO (first-in, first-out) Cost Record is a FIFO Sequence Number-centric view of FIFO active items in Inventory, ordered by oldest (lowest sequence number of record) to latest (highest sequence number of record). Note that FIFO records are based on quantities and their costs when received, and not to specific inventory locations.
FIFO Cost applies only to Purchased Item under Weighted Average Cost method.
Application
Use when FIFO costing is active for Purchased Items, allowing that oldest inventory costs are applied when performing inventory transactions (issues, adjustments, shipments).
Can be used when FIFO costing is active in a Division using Weighted Average costing. FIFO costing enhances standard weighted average costing by adding cost “layers” by receipt transaction. Every cost transaction for purchased parts is based on the receipt cost rather than the weighted average cost.
Setup
System Setup > Company Master > Accounting Tab > FIFO Costing Method Active = Checked
System Setup > Division Master > Cost Method = Weighed Average
Mfg Engineering > Engineering Item Master > Options Tab > FIFO Costing Method Indicator = Checked
Navigation
FIFO Cost Record
FIFO Cost Record page
Fields
Division: The Division for which this record applies to.
Item: Inventory Item Number.
Project: This is the Project associated with this FIFO record.
Date/Time: Date and Time of transaction.
Quantity: Quantity for this Transaction.
Avg Unit Cost, Material: This is the actual cost when the record was created.
Txn ID: This is the transaction ID for the record.
Receipt No: If this is a Purchase receipt, this is the associated receipt number.
Mfg User: This is the manufacturing user who created the record.
Orig Txn Qty: This is the transaction quantity associated with the original creation of this FIFO record.
Last Adj Date: This is the Date/Time associated with the last adjustment of this record.
Sequence Number: This is the auto-generated sequence number for this Inventory record.
Disassembly Derived Component: This field carries a reference to the Disassembly Derived Component whose receipt created this FIFO detail.
SEE ALSO
Company Master
Division Master
Engineering Item Master
