{"id":3346,"date":"2025-06-05T02:09:09","date_gmt":"2025-06-05T02:09:09","guid":{"rendered":"https:\/\/precise-solution.com\/?p=3346"},"modified":"2025-06-05T02:09:10","modified_gmt":"2025-06-05T02:09:10","slug":"costing-methods","status":"publish","type":"post","link":"https:\/\/precise-solution.com\/th\/uncategorized\/costing-methods\/","title":{"rendered":"Costing Methods"},"content":{"rendered":"<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"270\" src=\"https:\/\/precise-solution.com\/wp-content\/uploads\/2025\/06\/Costing-Method.jpeg\" alt=\"\" class=\"wp-image-3348\" style=\"width:283px;height:auto\" srcset=\"https:\/\/precise-solution.com\/wp-content\/uploads\/2025\/06\/Costing-Method.jpeg 480w, https:\/\/precise-solution.com\/wp-content\/uploads\/2025\/06\/Costing-Method-300x169.jpeg 300w, https:\/\/precise-solution.com\/wp-content\/uploads\/2025\/06\/Costing-Method-18x10.jpeg 18w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><\/figure>\n\n\n\n<p>NetSuite provides the following inventory costing methods:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Average<\/strong>\u00a0\u2013 Costing is calculated as the total units available during a specific date range. The units are then divided by the beginning inventory cost plus the cost of additions to inventory. Average is the moving average method.<\/li>\n\n\n\n<li><strong>First-In, First-Out (FIFO)<\/strong>\u00a0\u2013 The first goods purchased are assumed to be the first goods sold. Therefore, the ending inventory consists of the most recently purchased goods. This method is useful to track different shipments of similar products.<\/li>\n\n\n\n<li><strong>Group Average<\/strong>\u00a0\u2013 This costing lets you track one average cost for an item across multiple locations within a defined group. For more information, see\u00a0<a href=\"https:\/\/docs.oracle.com\/en\/cloud\/saas\/netsuite\/ns-online-help\/section_4345703444.html\">Group Average Costing<\/a>.<\/li>\n\n\n\n<li><strong>Last-In, First-Out (LIFO)<\/strong>\u00a0\u2013 The last goods purchased are assumed to be the first goods sold. Therefore, the ending inventory consists of the first goods purchased.<strong>Note:\u00a0<\/strong>Last-In, First-Out (LIFO) is not available in the NetSuite Australia (AU) edition.<\/li>\n\n\n\n<li><strong>Specific<\/strong>\u00a0\u2013 The exact cost of a serial or lot number entered into the system.<\/li>\n\n\n\n<li><strong>Lot Numbered<\/strong>\u00a0\u2013 Lot items track the purchase, stock, and sale of a group or quantity of items. It assigns a specific number to the group or quantity. For more information, see\u00a0<a href=\"https:\/\/docs.oracle.com\/en\/cloud\/saas\/netsuite\/ns-online-help\/section_N2235684.html\">Lot Numbered Items<\/a>.<\/li>\n\n\n\n<li><strong>Standard<\/strong>\u00a0\u2013 This costing lets you track standard costs for items and to track variances between these expected costs and actual costs. For more information, see\u00a0<a href=\"https:\/\/docs.oracle.com\/en\/cloud\/saas\/netsuite\/ns-online-help\/section_N2199708.html\">Standard Costing<\/a>.<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>NetSuite provides the following inventory costing methods:<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3346","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/posts\/3346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/comments?post=3346"}],"version-history":[{"count":2,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/posts\/3346\/revisions"}],"predecessor-version":[{"id":3350,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/posts\/3346\/revisions\/3350"}],"wp:attachment":[{"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/media?parent=3346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/categories?post=3346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precise-solution.com\/th\/wp-json\/wp\/v2\/tags?post=3346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}