Wasp Barcode Inventory Control - Manual (Page 109)

InventoryControl Printable Help
For a detailed description for using Cost Tracking and Average Costing,
please
click here .
Cost Method
Select how you want InventoryControl to calculate cost for this item. Options are:
Legacy Method - This is the method used in previous versions of
InventoryControl. The legacy method uses FIFO and manages cost by location
and track by level.
Note: If you upgrade your version of InventoryControl to version 6 (which
contains additional methods), all existing items will be imported with the legacy
method. You can change to a new option on the Edit Item screen.
Moving Average - When this method is used, the average cost of a particular
item is recalculated based on each purchase. Cost is calculated on the item
level.
FIFO - When this method is used, the inventory that is added first is removed
first. Cost is calculated on the item level.
LIFO - When this method is used, the inventory that is added last (most recently)
is removed first. Cost is calculated on the item level.
For a detailed description for using Cost Tracking and Average Costing,
please
click here .
Average Cost
This is a calculated value that averages the cost paid for the current Quantity.
This will be blank when you are entering a new item, but will appear when you
are viewing the Edit Item screen for an item that has inventory (quantity).
If you have 20 quantity of this item at cost 10.00
and add another 30 quantity at cost 8.00,
Average Cost = ((20 x 10.00) + (30 x 8.00)) / 50 = 8.80
Removes are calculated using the inventory calculation method you specified.
For example, if you are using the FIFO method, if you later remove 5, 5 of the
$10.00 items will be removed first,
Average Cost = ((15 x 10.00) + (30 x 8.00)) / 45 = 8.67
When calculating Average Cost, the software does not include records that have
an average cost of zero. When you run an Inventory Cost Report, the software
does include zero cost quantities when calculating Total Cost.
List Price
This field specifies a manufacturer's list price for an item. This field is for your
information only and is not included on any reports.
Sale Price
This field specifies the price at which you sell an item. This field is for your
information only and is not included on any reports.
Min Stock
Level
This field specifies the minimum stock level you wish to maintain for this item.
Max Stock This field specifies the maximum stock level you wish to maintain.
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