The Costing and Pricing Submenu allows entry and maintenance of normal costs and all prices. Suggested costs and prices may be entered, printed, and edited prior to actually correcting these suggested costs/prices to current costs/prices. This allows for nonintrusive cost and price changes and ample time for guaranteeing accuracy. Suggested costs/prices may be entered individually through the Suggested Cost/Price Entry Program, or created automatically based on a percent of cost or price through the Create Suggested Costs/Prices Program. After reviewing the suggested cost/price printout, the current costs/prices are updated through the update program. A cost/price list is then available.
Two additional programs allow handling of FIFO/LIFO costing. Be aware that pricing is company-wide, while costing is by warehouse. Also, in addition to manual cost maintained here, the last and weighted average cost of each item is maintained automatically by the system.
Cost Discrepancy processing provides a way to identify an inventory receipt document with an incorrect cost, specify the correct cost, and then have that corrected cost update down to the disbursements and past documents that were filled by that receipt.