Posted by Grant E Foraker on November 05, 2019 at 13:39:41:
In Reply to: fifo inventory for comet posted by jeffrey w harding on November 04, 2019 at 14:13:44:
How you handle inventory in the back room can make this a tough option.
Basically, you have to assign a LOT# to each batch of an inventory number received. The lot record has all the qty and cost info. Then, thru sales, you deplete the oldest lot first then on to the next lot. A complication is that a sale might need to draw from different lots. So the cost info associated with a sale needs multiple slots for each lot qty and cost.
Then there are returns. What lot did the item come from? Can anybody tell?
Do you really know that when was given to the customer came from those lots?
Do the clerks just grab what's convenient and not the oldest lot?
Does some inventory get tossed in a bin or put on the shelf with no regard to lot?
All these things tend to make the extra work of FIFO moot.
Doing your own bar code labels and scanning might help. None of my customers have done that. So that's a maybe.
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