Costing of parts received into warehouse from manufacturing

Bobby-

I've never actually done this, but here's a thought if you are using
Average Cost...

You could "Cost Adjust" this cost in. We use Average Cost, so an
occasional late receipt like you're talking about will skew the average
cost of Subcontract to be slightly understated (this is why I've never
done it myself - I can live with a slightly skewed average cost) which
is carried over to your finished goods average cost. To correct, you
would recalculate the correct average cost of the finished part
(including the correct Subcontract cost) and manually adjust the Average
Cost of the part to the correct average cost. From an accounting
standpoint, this creates a favorable variance, which should pretty much
offset the unfavorable variance created when you close the job with the
late Subcontract receipt.

Alternatively, wait until ALL receipts are completed before receiving
into finished goods.

Hope this helps!

Thanks!



Rick Ludwig



-----Original Message-----
From: bobby_ssandhu [mailto:bss@...]
Sent: Thursday, September 23, 2004 8:23 PM
To: vantage@yahoogroups.com
Subject: [Vantage] costing of parts received into warehouse from
manufacturing


Hi
If there is a job to make a part and that part is received into the
warehouse before an outstanding purchase order is receipted (in the
job) then that part is received at the cost in the job at that time.
If subsequently the outstanding purchase order is receipted and the
job completed and closed is it possible to reflect the last cost of
the job in the costing of the part in warehouse.

This happens a lot with us and I would really appreciate any ideas on
how to make this work. Subcontactors may not give us a purchase
price related to the job till a period after the event. We have to
keep the job open and even if the part is ready we cannot receive it
into stock and ship it to the customer.

Thanks,
Regards
Bobby



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[Non-text portions of this message have been removed]
Hi
If there is a job to make a part and that part is received into the
warehouse before an outstanding purchase order is receipted (in the
job) then that part is received at the cost in the job at that time.
If subsequently the outstanding purchase order is receipted and the
job completed and closed is it possible to reflect the last cost of
the job in the costing of the part in warehouse.

This happens a lot with us and I would really appreciate any ideas on
how to make this work. Subcontactors may not give us a purchase
price related to the job till a period after the event. We have to
keep the job open and even if the part is ready we cannot receive it
into stock and ship it to the customer.

Thanks,
Regards
Bobby