![]() ![]() In this case, the system will automatically update the Price field when you post a financial update. In addition to entering or creating a price, you can select the Use latest cost price checkbox on the Manage costs FastTab of the Released product details page. Define a default item cost price for a released product by entering a value in the Price field on the Manage costs FastTab.If you use this method, you must use a standard cost costing version, and the cost must be activated. Create a standard cost by selecting Item price in the Set up group on the Manage costs tab of the Action Pane. ![]() The default item cost for a released product can be configured in one of two ways on the Released product details page: The system estimates this running average cost price for an item by using the following formula:Įstimated price = (Physical amount + Financial amount) ÷ (Physical quantity + Financial quantity) Default item cost ![]() However, before inventory close is run, the system calculates a running average cost price that is typically used when issue transactions are posted. The inventory close process settles issue transactions to receipt transactions, based on the inventory valuation method that is selected in the item’s item model group. ![]()
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