Cost Method

Select any combination of the cost methods:

• Average
• LIFO
• FIFO
• Specific
• Standard

If you are using Cost Details and you want to include manufactured items using Standard costing, the system will copy the five cost buckets from the Manufactured Current Unit Cost to the corresponding Standard Unit Cost buckets. It will then total the values and create journal entries reflecting the change to the Standard Unit Cost values.

If you want to include purchased items using Standard costing, the system will copy the four cost buckets from the Purchased Current Unit Cost to the corresponding Standard Unit Cost buckets. It will then total the values and create journal entries reflecting the change to the total Standard Unit Cost values.