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Maintain Book Costs/Inventory Cost Reconciliation ReportBy default, Cat's Pajamas uses LIFO (last in/first out) for costing inventory. That is, the cost or value of the inventory is the cost at which it was last received. Receipt of a quantity of a title at a new cost also updates the cost for any remaining quantity of that title. An alternate is to use the Cat’s option for calculating an average cost. This feature calculates the value of the inventory currently on hand plus the value being received, averages the total, and assigns the average cost to the book record. It moves the old cost to Prior Cost 1 and updates Date Cost 1 Ended. Some companies prefer a FIFO approach (first in/first out) where the cost at which the inventory is received is the cost at which it is sold. A quantity received at a new cost does not update the value of any remaining quantity of that title. Three optional Cat’s programs are available to provide expanded information about the value of Cat’s inventory. One enables a user to maintain inventory costs by title, date and inventory quantity. Another uses costs currently in the book file to be used to populate the new cost file with the initial value and quantity of each title. A third program generates a monthly Inventory Cost Reconciliation Report. The report can be printed or exported for posting to the General Ledger or other business software. The operator chooses the beginning and ending months for the report. Additional details regarding these optional programs can be found in the Cat's Online Help under Additional Custom Programs, Inventory Cost Table and Reconciliation. You might be wondering whether the month-end closing report, cost of goods sold report, book reports or any others can use the cost file to provide inventory value information. Such modifications are possible but would require additional development programming that is not included at this time with these optional modules. For information regarding the cost to add these optional modules to your Cat’s Pajamas system, email info@tcpj.com or call us at 800-827-2287.
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