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The amount of Inventory Summary vs Inventory Valuation Report

  • 8 September 2022
  • 4 replies
  • 194 views

Userlevel 1

Hi All,

 

I have another question about Inventory Summary and Inventory Valuation Report. I just realized that the amount in those two reports are not the same. Please refer to the screenshot documents below:

In Inventory Valuation Report, the total cost is $80,109.09 which is the correct. However, when I opened Inventory Summary to see the Estimated Cost per unit. Instead of the total cost is $80,109.09, the total cost in Inventory Summary is $80,108. Please refer to the screenshot document below:

 

Please kindly advise why is the amount of total cost is different between two reports. 

 

Thank you

 

Regards,

Nadia

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Best answer by kandybeatty49 9 September 2022, 14:15

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4 replies

Userlevel 7
Badge +11

Hi @nadia02 What is the Amount shown in the Historical inventory valuation report?

Is it possible to share the details of the Inventory valuation excel data to review for any clue

Thanks

Userlevel 7
Badge +14

Hi @nadia02 

As @manikantad18  What is your valuation method on the actual inventory item?

Userlevel 1

Hi @manikantad18, please kindly check the attached screenshot document below for Historical Inventory Valuation which the total amount is similar to Inventory Valuation Report.

 

Hi @kbeatty21, I use FIFO valuation for this item. However, Inventory Summary gives the average of estimated cost per unit.

Userlevel 7
Badge +14

HI @nadia02  

A few things to look at for your warehouses:

  1. What is the FIFO default returns costing?
  2. Are the locations Cost Separately? 

Here is also what the help explains about FIFO (this may  help you)

 

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