Hi NAV EXpert
I would like to ask an idea how to sort this scenario that
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items have posted transactions wherein I need to reconcile the quantity based on actual received
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in the first place, upon purchase of item we buy in a kilo with no standard conversion but upon receiving of items we found it that we need to enter the item using PIECE as base unit of measure
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1 month has been done which all transactions were need to resolve by changing the quantity and its unit cost
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Thus, we monitor the items purchased on how many pieces in such kilo
Sample: 9/1/12 - buy 25 kilo of mango @ P65; contain of 84 pcs.
9/2/12 - buy 26 kilo of mango @ P65; contain of 90 pcs.
9/3/12 - buy 25 kilo of mango @ P65; contain of 86 pcs.
- We used FIFO as costing method. On the following month, we have work around that we implemented that is instead of kilo as purchase unit of measure. We directly used PIECE that is the purchaser estimates for how many pieces in 25 kilo. We just put a percentage as add on so that during processing warehouse receipt no issue for that transaction.
Assuming, purchaser knows that more or less there were 84 pcs. in 25 kilo of mango. Instead of 84 pcs., purchaser put 90 to be safe since the NAV standard cannot process warehouse receipt that quantity is more than the PO. So, October transactions were okay.
Now, I need to correct the Sept. transactions that is to convert stocks into PIECE.
Based on scenario above, inventory should be on
9/1/12 84 pcs. / 25kilo * P65 = P19.35 as new UNIT COST
9/2/12 90 pcs. / 26 kilo * P65 = P18.77
9/3/12 86 pcs. / 25 kilo * P65 = P18.90
Please advise me how to solve this. Remember, we used FIFO.