Costing Methods

Using the Account Sets form, you can select a costing method to determine the value of your goods. For each account set, Inventory Control provides a choice of eight methods for valuing your inventory and determining the cost of goods sold:

• Weighted moving average

• Standard cost

• First-in, first-out (FIFO)

• Last-in, first-out (LIFO)

• Most recent cost

• User-specified

• Serial Costing

• Lot Costing

Using these costing methods, Inventory Control values your inventory and determines the cost of goods sold for items by location. If you store the same inventory item at more than one location, the program tracks and costs the item at each location (rather than costing all the items together).