Skip to Content
author's profile photo Former Member
Former Member

Wrong item cost

Dear experts,

I have 3 items which were wrongly captured on PO and wrongly received in stocks, they were captured and received with higher prices than the norm. The biggest problem I am having is even if I receive new items with the right price in stock the item cost in stock is still incorrect due to the old stock which was received with the wrong price, (I believe due to the moving average method). How can the item cost for stocks be adjusted to read the correct figure, please help coz this issue has been pending for so long.

Patrick.

Add a comment
10|10000 characters needed characters exceeded

Assigned Tags

Related questions

3 Answers

  • Best Answer
    author's profile photo Former Member
    Former Member
    Posted on Jul 19, 2011 at 02:02 PM

    Dear Patrick,

    You have to do Inventory Revaluation to bring back the distorted cost.

    Thanks,

    Gordon

    Add a comment
    10|10000 characters needed characters exceeded

  • author's profile photo Former Member
    Former Member
    Posted on Jul 19, 2011 at 05:59 PM

    Hi Patrick..

    You may reverse the transactions which was captured at wrong price and correct it accordingly or you may revaluate the Inventory with correct unit price......

    Regards,

    Rahul

    Add a comment
    10|10000 characters needed characters exceeded

  • author's profile photo Former Member
    Former Member
    Posted on Jul 20, 2011 at 04:48 AM

    Dear Patrick,

    Suggestion given by expert is perfect.

    Use comfortable path as per requirement.

    Regards

    Mangesh Pagdhare

    Add a comment
    10|10000 characters needed characters exceeded

Before answering

You should only submit an answer when you are proposing a solution to the poster's problem. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. Also, please make sure that you answer complies with our Rules of Engagement.
You must be Logged in to submit an answer.

Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total.