In this video, learn how to use the First In First Out (FIFO) costing method through the Manufacturing Application.
0:00 - Introduction
1:13 - Check Components in Stock
2:48 - MO for Table 1
4:08 - MO for Table 2
6:56 - Sell Table 1
8:09 - Inventory Valuation (FIFO)
9:13 - Check Product Cost
9:35 - Conclusion
Other lessons related to this video: Costing Overview: https://www.youtube.com/watch?v=oYsMx8Mt_bs Costing: AVCO: https://www.youtube.com/watch?v=E5YDrUDxQD8 Costing: Standard Price: https://www.youtube.com/watch?v=lXec1UUYdAI Need more information about Odoo apps? https://www.odoo.com/documentation/user Discover Odoo, schedule a demo, or start your own Odoo revolution for free (no credit card required), at https://www.odoo.com.
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1.
Which of the following statements is false?
Short for “first in, first out”, FIFO is a costing method used to handle fluctuating product costs.
On the Cost Analysis report, the Component costs reflect the actual price of the raw materials.
When there are multiple products in stock, FIFO considers the one that has been in stock the longest to calculate the product cost.
The Cost Analysis report shows the Product cost, which is the same as the value on the product form.
2.
The following tables are in stock. A sales order has been placed for two tables. What will appear on the Inventory Valuation dashboard once the delivery has been processed? Date manufactured: cost. 03/21: $25. 04/12: $42. 04/18: $42. 05/09: $30. 06/14: $42.
3.
On a BoM Overview report, why could it be that the Product Cost is different from the BoM Cost for the same product?
FIFO uses the oldest manufactured product to determine the product cost until the product is sold or scrapped.
BoM Cost includes labor costs, and Product Cost doesn’t.
The BoM Overview only displays the BoM Cost. Product cost is displayed on the product form itself.
The two costs were the same in the video.
