Forum Discussion

HangedUpOnMe's avatar
HangedUpOnMe
Experienced Cover User
3 years ago

Average cost is wrong

I noticed MYOB giving me an incorrect average cost for an item.   The item had a recent shipment of 854pcs at $19.97   There are now only 754pcs left in stock, but the average price is showing $1...
  • Mike_James's avatar
    3 years ago

    Hi HangedUpOnMe , After the purchase of 854 items, there were 2613 items in stock at a total cost of $40800.88, or $15.61 each. Subsequent sales would have used that as the cost of sale, so your latest average cost figure is consistent with that. AccountRight does not apply FIFO costing.