Hello,

I have a retail store. What do you think is the preferred costing method.

When purchased an inventory we want the last purchased cost to be reflected in the product template.

Supplier do give us a head notice before their price increased. We want to be able to update the current product template cost with upcoming higher cost, and increase our selling price now accordingly.

For example retail price = cost + 20% markup.

so if our last product cost is $100, selling price is $120.

But if supplier says next month cost is going to be $110, i want my selling price to be $132 now even before receiving product at that $110 cost.

Setting as Standard Costing seems to be too troublesome.

Thank you

Joie