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Confirm Definition of Average Cost for FIFO Inventory
Can an inventory expert from NetSuite please confirm or correct my understanding of how the inventory field "Average Cost" is calculated?
EDIT: After more discussion with another NetSuite Support Rep, I need to change my original understanding to this:
After considerable discussion with NetSuite Support Rep, here is what I understand, when you have the Costing Method set to FIFO, and Multi-Location Inventory enabled:
[LIST=1]
[*]The field labeled "Last Purchase Price" is actually the cost determined from the last transaction for that Item. There is NO averaging of any data.[LIST]
[*]If the item is an "inventory item", then the transaction would be[LIST]
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