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Microsoft Dynamics GP (Archived)

Valuation Method --> FIFO Periodic

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Posted on by 1,090

Hi All,

I would like to confirm & clarify the "meaning/ terminology" of

    *   FIFO Periodic

My understanding of "Periodic Inventory Method" is :

   --> Inventory $   &  Cost of Goods Sold$ are only determined "periodically" ,

         such as ,  "by end of the month" , the Inventory$ are determined by

         the Month End Physical Inventory Count , from which the Cost of Goods

         Sold$ could also be accurately determined ( if the Physical Count is

         accurate)

Question

   1)   We would like to apply "Standard Costing" in GP;  hence we need to use

        FIFO Periodic;  Does it means we also have to use Periodic Inventory Method"

        when we choose FIFO Periodic as the Valuation Method in GP?

    2)   When we choose "FIFO Periodic" Valuation Method in GP,  will GP

           automatically assign "Standard Cost- Item Maintenance" on the PO?

           (when Purchaser issuing PO)

Please advise..

Thank you  &  Good Day

*This post is locked for comments

  • Verified answer
    Josh P Profile Picture
    Josh P 2,895 on at
    RE: Valuation Method --> FIFO Periodic

    Hi,

    FIFO (First In First Out) Periodic means the item's actual cost is posted to the GL when received to inventory, the standard cost is posted when the item is transferred, sold, disposed, etc..

    FIFO Perpetual is a GL posting of actual costs when received, sold, disposed, transferred, etc.

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