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185I recently had my costing method changed from standard to FIFO and have a lot of valuation problems; zero inventory has a value. Items have negative values and some have significantly more value than is possible. Where do I start to fix this problem. I had a Microsoft profession do this for me but he seems not to be able to advise me on how to fix this problem.
What I need to do next is really my question:
1. I recommended using a 2nd opinion consultant. How do I choose one knowing his expertise in cost manufacturing?
2. Should I change back to standard. We didn't like standard because it didn't show cost changes quickly enough and dumped variances into the Production Variance account which had too many entries to drill down on. Our cost prices change so rapidly with our devaluing dollar I needed to be on top of costs.
3. Is there a way to go through the lengthy labor process to manually fix each inventory item. We have about 26 finished goods and 24 store rooms. The problem has mainly affected our Finished goods and a few of our raw material (we are a manufacturer).
4. I'm hoping that the damage is not permanent but if it is what would I do?
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