INVENTORY FIFO

[Guest]

I HAVE RECENTLY FINISHED A DATABASE THAT WILL BILL INVOICES, POST PAYMENTS,
PREPARE ORDERS FOR PLANT, PICK UP & DELIVERY REPORTS AND NOW THEY ARE WANTING
INVENTORY INCORPORATED INTO THIS. I AM GREEN TO ACCESS AND WOULD LIKE ANY
SUGGESTIONS AS TO HOW TO SET UP INVENTORY USING A FIFO METHOD. WE HAVE
APPROX 150 DIFFERENT INVENTORY ITEMS. THEY WANT TO KNOW THE EXACT COST AS
EACH ORDER IS SHIPPED OUT.

 

[andrei]

First, all your inventory entries must have the entry date.

When you sell 10 pcs from the same item, a procedure will look in the
entries table for that specific item code and will count available items
***starting from the oldest entry***. You also have to update the entries
table with the values you just counted, so the next time you won't count
them again.

Ex.

Before the sale:
Entries:
Date ItemCode Qty Price InStock
1/1/2000 Item1 5pcs $5.50 5pcs
1/10/2000 Item1 3pcs $5.78 3pcs
1/20/2000 Item1 10pcs $4.90 10pcs

Total Item1 in stock is 5 + 3 + 10 = 18pcs
(here you can also calculate the stock value based on FIFO)

After you sell 10pcs of Item1:
Entries:
Date ItemCode Qty Price InStock
1/1/2000 Item1 5pcs $5.50 0pcs
1/10/2000 Item1 3pcs $5.78 0pcs
1/20/2000 Item1 10pcs $4.90 8pcs

So you sold 5pcs from entry1, 3pcs from entry2 and 2pcs from entry3.
So now you can add up the values.
Total sold= 5 x 5.50 + 3 x 5.78 + 2 x 4.90)

Andrei.