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.
Best answer by kandybeatty49View original
@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
@manikantad18 What is your valuation method on the actual inventory item?
@manikantad18, please kindly check the attached screenshot document below for Historical Inventory Valuation which the total amount is similar to Inventory Valuation Report.
@kbeatty21, I use FIFO valuation for this item. However, Inventory Summary gives the average of estimated cost per unit.
A few things to look at for your warehouses:
Here is also what the help explains about FIFO (this may help you)