Changing Item Cost Records for Items with a LIFO/FIFO Cost Method

On the Manual LIFO/FIFO Adjustment Utility form, filter for the item, 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.

This information is displayed for the item and accounts:

Inventory Adjustment: The debit G/L account for Inventory Adjustment transactions is displayed.
Cost Method: LIFO or FIFO is displayed as the cost method for the item.
Stack Value: The total inventory value for the selected item and accounts is displayed, based on the original LIFO/FIFO stack.
Adjusted Stack Value: The adjusted total inventory value for the item and accounts is displayed after making changes to the stack entries.
Quantity On Hand: The total quantity on hand is displayed for the item at each stock location with an inventory account that matches the selected account. The adjusted total stack quantity must match this number before you can post.
Stack Quantity: The total on hand quantity is displayed, based on the original LIFO/FIFO stack. It should be equal to the on-hand amount. If not, the stack has become corrupted, and you should use this utility to correct it.
Adjusted Quantity: The adjusted total on hand quantity is displayed, after making changes to the stack entries.

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. Optionally, specify different values for these fields:

Date: The date and time of the receipt is displayed.
Quantity: The total quantity from each cost record is displayed. Optionally, specify a different total quantity.
Material Cost: The material cost from each cost record is displayed.
Labor Cost: The labor cost from each cost record is displayed.
Fixed Overhead Cost: The fixed overhead cost from each cost record is displayed.
Variable Overhead Cost: The variable overhead cost from each cost record is displayed.
Outside Cost: The outside services cost from each cost record is displayed.
Unit Cost: The unit cost of each cost record is displayed.

When all changes are complete, click Print/Process Updates. 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.