Item Purchase Cost Maintenance <IPCM>

The method for calculating the Purchase Cost of an item is determined when the Item is added to Concord within the 'Item Maintenance' <IM> function, using the heading “Costing”, and can be one of the following:

• Use Company Default. This is the formula already set up for the user.
• Standard Cost. This is a fixed cost entered by the user, and is not subject to automatic updates within Concord following transaction entry.
• Average Cost. This cannot be changed by the user unless, other than the initial set up of a cost for a new item, thereafter, Concord automatically calculates the cost, based on Purchase Invoices received.
• Last Cost.
• FIFO. Currently not being used by Concord.