The CounterPoint Base System supports Average
Cost Valuation and the Retail Inventory Method. The
Cost Pack Option allows inventory accounting using
Standard Cost, LIFO, or FIFO valuation.
Each inventory item is assigned a standard cost. Inventory is received and sold at standard cost. Any differences are charged as distributions to the purchase variance account. Inventory valuation reports are available at average cost and standard cost.
Inventory transactions are costed and accounting distributions are recorded based on actual inventory layer cost, using the last-in or first-in layer, as appropriate. Valuation reports are available at average cost and at layer cost, including detailed layer reporting by location.
