LIFO Band Table
Specifies details related to year-end inventory Last In, First Out (LIFO) valuations. By using this method of inventory cost valuation, the items that were purchased most recently are always sold first.
The following table contains the key fields used in LIFO inventory valuation process.
| Field | Description |
|---|---|
LIFO Category |
The code for the LIFO category assigned to each item. The LIFO categories describe the LIFO groups that are available. |
Item No. |
The item number that is assigned to the item in inventory. |
Competence Year |
The date that is used to determine the LIFO valuation period. |
Definitive |
The status of the year-end inventory cost that is associated with this entry. If selected, the status is final. |
Increment Quantity |
The increase or decrease in quantity of an item after inventory valuation. If the ending inventory is greater than the starting inventory, the increment quantity is positive. If the ending inventory is less than the starting inventory, the increment quantity is negative. |
Absorbed Quantity |
The quantity of items that are applied to the previous year’s outstanding increment quantity during the year-end inventory valuation process. |
Residual Quantity |
The quantity of items left in inventory after year-end adjustments have been applied. The residual quantity is calculated by subtracting the absorbed quantity from the increment quantity. |
CMP |
The current market price (CMP) of the inventory item. |
Increment Value |
The value of items left in inventory after year-end adjustments have been applied. Increment value is calculated by multiplying the residual quantity by the current market price. |
Qty not Invoiced |
The quantity of the item that has not yet been invoiced. |
Amount not Invoiced |
The amount of the item that has not yet been invoiced. |
Invoiced Quantity |
The quantity of the item that has been invoiced. |
Invoiced Amount |
The amount of the item that has been invoiced. The invoiced amount is equal to the average cost multiplied by the invoiced quantity. |
List of Fields in the Table
The following table lists the fields in this table.
See Also
Reference
Other Resources
Learn About Costing
Close Years and Periods
Report Costs and Reconcile with the General Ledger
Adjust Cost - Item Entries