Intuitive ERP's costing features track standard, average and last (actual) product costs and allows you to choose which costing type you wish to use as the accounting value for each item in inventory. Whenever the accounting value is updated, inventory is re-valued at this new cost.
Intuitive ERP also provides a one-step method for calculating material, labor, outplant, fixed burden, material burden and variable burden costs. This process updates routing costs and the standard and accounting costs for inventory items.
Intuitive ERP's work in process (WIP) value report provides a complete summary of all of the costs that are currently in process. This report, used in conjunction with the stock value report, gives you a complete inventory valuation, including both stores and work in process.