R12 Inventory Valuation
If we raise a foreign currency PO item x @ .63 (GBP) for direct materials is the following true?
At receipt time,
Journal from Cost Management
DR Inventory value entered amount = .63 GBP and accounted amount =1.00 USD r(eflects in GL
CR receiving inspection account entered amount = .63 GBP and accounted amount =1.00 USD
Inventory valuation report should reflect 1 @ item X 1.00 correct?
If item is used in a WIP job, what cost will be credited to inventory valuation account? Will it be 1.00 USD or .63 GBP?
Do customers who have foreign currency purchases for direct materials generally revalue their inventory GL account and post the GL revalue journal to inventory as the revalue process open item for AP, AR foreign currency transactions?