INVENTORY FIFO

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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.
 
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.
 
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