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Inventory Valuation Configuration for Product Costing Method (Odoo Standard Costing Methods)
This document will give you a basic idea about how product costing methods work in Odoo so please check below document and the video. (we made this blog and video based on odoo 15 community edition).
Inventory valuation is finding out the valuation of inventory stocks for the costing method defined on product category form.
Inventory valuation with product costing method:
The cost method (standard, fifo, avco)
Standard Price
FIFO (First In First Out)
AVCO (Average Cost) [Average Price]
Costing Methods: Standard, FIFO, AVCO
The costing method is defined in the product category with below options. There are three options of costing methods.
Standard Price
Average Price
FIFO
Standard Price
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In Standard Price, Product cost should be configured or set manually on the product form by the user.
Video LINK : https://probuseappdemo.com/probuse_apps/product-costing-method-standard-1240/1240
2. Average Price
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In AVCO (Average Cost), each product has a value of the average purchase cost of the product.
IMPORTANT NOTE : The average cost does not change when products leave the warehouse.
Video LINK :
https://probuseappdemo.com/probuse_apps/product-costing-method-average-cost-1241/1241
3. FIFO (First In First Out)
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In FIFO (First In First Out), the products are valued at their purchase cost.
When a product leaves the warehouse / stock location, “First in, first out” rule applies by the Odoo standard and it changes the cost price when the product leaves the warehouse.
IMPORTANT NOTE : When a product leaves the stock, that’s the “First in, first out” rule that applies.
Video LINK : https://probuseappdemo.com/probuse_apps/product-costing-method-fifo-1242/1242
Thank you
Probuse Consulting Service Pvt Ltd