Rolling out GST for FIFO Costing Scenario
Hi,
We are currently using FIFO costing method and our financial reports are derived based on this costing method till last financial year. In order to comply with GST we have been advised to go for Average Costing method by Oracle since GST does not support FIFO Costing. Under this situation we need to take call on the costing method for which we need to provide Inventory valuation for the last 3 financial years as required by finance department.
I mean we need to take inventory valuation for the period ending 31st March 2015, 31st March 2016 & 31st March 2017 and we need to compare the value if the costing method is Average to conclude.
We are currently using FIFO costing method and our financial reports are derived based on this costing method till last financial year. In order to comply with GST we have been advised to go for Average Costing method by Oracle since GST does not support FIFO Costing. Under this situation we need to take call on the costing method for which we need to provide Inventory valuation for the last 3 financial years as required by finance department.
I mean we need to take inventory valuation for the period ending 31st March 2015, 31st March 2016 & 31st March 2017 and we need to compare the value if the costing method is Average to conclude.
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