So the raw material cost is maintained to equal the purchase price of the raw material item. On the item, the latest purchase price check box is selected in the line details which is automatically updating the purchase price of the item after the invoice is posted. That is working fine. What I need help with:
The inventory value of the raw material item is based on the cost of the item, but the cost of the raw material item does not automatically update to equal the purchase price when it is updated. Is there a way to automatically update the cost of a raw material item to reflect the updated purchase price? We are using a standard cost inventory value method.
Any help is appreciated!!