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LIFO, FIFO Reports

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Fan77 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fan77 Quote  Post ReplyReply Direct Link To This Post Topic: LIFO, FIFO Reports
    Posted: 19 Jan 2012 at 10:09am
I was looking at your Inventory Control System product, but could find how and where within the application it deals with ‘LIFO, FIFO, and average costs evaluation’.
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BillD View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BillD Quote  Post ReplyReply Direct Link To This Post Posted: 20 Jan 2012 at 10:19am

Almyta Inventory Software does have three cost evaluation reports: Inventory Actual Value, Inventory FIFO Value, and Inventory LIFO value. All three are accessed via Reports/Inventory and Assets, Item Master Summary dropdown menu. The LIFO and FIFO calculate the totals based on the newest and oldest unit cost. For instance, if we ha

Almyta Inventory Software, does have three cost evaluation reports: Inventory Actual Value, Inventory FIFO Value, and Inventory LIFO value. All three are accessed via Reports/Inventory and Assets, Item Master Summary dropdown menu. The LIFO and FIFO calculate the totals based on the newest and oldest unit cost. For instance, if we have 2 units of item A, and we bought first unit at $1 and the second at $2 then the LIFO cost of two units will be $4 ($2 x 2) and FIFO will show  $2 ($1 x 2). The Actual Value is $3 ($2 x 1 + $1 x 1).

 

In Almyta the average costs are always calculated as actuals based on the exact price we paid for each unit in stock, unlike the QuickBooks that does not know what exact price was paid, because it does not keep costs attached to each unit.



Edited by BillD - 20 Jan 2012 at 10:20am
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alfreddoloksaribu View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote alfreddoloksaribu Quote  Post ReplyReply Direct Link To This Post Posted: 10 Apr 2014 at 7:01am
Dear Bill,


I have questions related to FIFO, LIFO and Average report, how come I can generate the similar total amount from different report of LIFO, FIFO and Average from Almyta? FYI, I use multi-currency for our Inventory and probably missed some steps in generate the report.

Thanks,
Alfred
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Debra View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Debra Quote  Post ReplyReply Direct Link To This Post Posted: 21 Apr 2014 at 2:46pm

It works this way:

Let us say, your today inventory for item A is

1 unit bought on APR 1 at $1

1 unit bought on APR 2 at $2

1 unit bought on APR 3 at $3

Then

FIFO value is $3, Actual value is $6, and LIFO value is $9




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