Setting the Inventoriable Costing Method

To define the inventoriable costing method, you need to complete a setting in System Controls. The costing method that you choose is used to track the cost of all inventoriable items.

To set the inventoriable costing method

1. From the Setup menu, select System Controls. The System Controls screen appears.

2. Click the Inventory tab.

3. Select Inventory Cost Method (FIFO, AVG, LIFO) and press Enter.

4. Select one of the following:

FIFO
AVG
LIFO

Note: Once you set the inventoriable costing-method setting, it cannot be changed.

5. Click OK.

6. Close the System Controls screen.