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Change costing method from FIFO to Average
Hi Gurus,
Our company is planning to move costing method from FIFO to average costing. We know that once items are set up, costing method can no longer be changed. Doing this therefore is like doing a cut-over/re-migration of inventory item master. I would like to know the best practices or specific steps towards this. I am thinking:
Obtain a snapshot of current inventory value and count
Flag the items with the old costing method
Create new items with the new costing method
Remove the inventory from the old item
Inactivate old items
Increase inventory of the new items in the proper location - via adjust inventory worksheet
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