Using Manual LIFO/FIFO Adjustment Utility to Change Item Cost Records

Use the Manual LIFO/FIFO Adjustment utility to change cost records for items that have a LIFO or FIFO cost method.

  1. In the Manual LIFO/FIFO Adjustment Utility form, filter by item and by material, labor, fixed overhead, variable overhead and outside accounts. The selected item record is locked and remains locked during the entire adjustment process.

    This utility operates by first copying the entire stack to a working area. You can edit the working copy without affecting the original one. If you exit from this form or run another filter without posting your changes, the changes to the working stack are discarded.

  2. Make corrections to stack entries in the grid. For example, you can add new entries and delete existing ones. Because the adjusted quantity must equal the on-hand quantity before you can post the changes, the total cost and quantity of the edited stack is shown. The cost may be different.
  3. When all changes are complete, click the Print/Process Updates button. A copy of both the old and new stacks is printed, the net cost change is printed and posted to the IC Dist journal, and the existing stack is deleted and replaced with the adjusted one.

The output shows postings to the different components of the inventory accounts and the individual components of the unit cost.