Our COGS at the moment is setup to our Manufacturing Cost where in fact it needs to be setup to be the inventory of items sold cost. How can we go about this change?
Hi,
The CostOfGoodSold can consist of your item costs, the costs related to your work processes (routes), charges and more.
Can you let us know more details of what you want to setup exactly, what has been setup and possibly does not work and elaborate?
Some supporting screenshots would help.
Many thanks,
Ludwig
Hi Ludwig,
Thank you for your quick response. Our Cost Of Goods sold (Income Statement) should include item cost. Item costs should include the amount (weighted average):
- Raw Materials
- Direct Labor Cost
- Fixed Overhead
- Variable Overhead
Current setup includes item above but not the historical item cost but the cost for the given month.
Can you guide me to which screenshots you would need for better assistance?
Thanks.
Regards,
Stef
Can you explain what you mean by this?
No-COGS.pdfHi Ludwig. I attached the file for your reference. There's something wrong with the setup of COGS.
Hello Stef,
Thanks for sharing the document.
What I got from there is that you want to include let's call it "overhead" in your inventory values / COGS.
This can be achieved by making use of the costing sheet where you can define a kind of surcharge / allocation of that overhead.
As an example, whenever you purchase or produce an item then $x is added on top of the material or labor costs.
To see how this works, have a look at the costing sheet that is available in the USMF MS demo company.
It includes a couple of examples how overhead can be incorporated into your valuations.
Best regards,
Where can I access the USMF MS demo?
Hi Stef,
Do you have a demo or test environment?
Probably ask your IT admin guys for that.
If you have that, search for the USMF demo company and then in the inventory module for the costing sheet where you can find some examples.
I accidentally activated a cost rate of an item. How do I edit the rate of a cost item?
Just activate a new price of $0.
That should fix the issue.
The "Activate" button is disabled already. I only have "Validate" and "Save" button up.
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