Inventory Costing Fields

GoldFinch maintains a set of fields to ensure accurate cost tracking.

Item Costing Fields

• Inventory Value – The total value of inventory on hand, calculated as:
  Expected Value + Invoiced Value

• Expected Value – Value of inventory received but not yet invoiced.

• Invoiced Value – Value of inventory that has been invoiced and finalized.

• Average Base Cost – Inventory Value ÷ On Hand Quantity

• Last Invoiced Base Cost – The most recent invoice or production cost of the item.

• Standard Base Cost –

  • Raw Materials – Entered manually, typically reflecting recent purchase costs.

  • Finished Goods – Automatically rolled up using the Standard Cost Worksheet.

• Standard Material Base Cost – Rolled up from Item Formulas (BOMs) using the Standard Cost Worksheet for finished goods.

• Standard Capacity Base Cost – Rolled up from Item Routing using the Standard Cost Worksheet for finished goods.

• Standard Base Price – Manually entered as the base price when a more specific Sales Price configuration is unavailable.

Item Formulas (BOMs)

• Standard Cost – The sum of the Standard Base Cost of all components.

• Extended Cost – Standard Cost × Quantity Per Unit

Work Orders

• Work-in-Progress (WIP) – Calculated based on actual components and routing consumed.

Item Ledger Entries

• Expected Cost – Cost of received but not yet invoiced inventory.

• Invoiced Cost – Finalized cost of invoiced inventory.

• Total Cost – Expected Cost + Invoiced Cost

• Unit Cost – Total Cost ÷ Quantity

Currency Conversion

• If raw materials are purchased in a foreign currency, inventory value is converted to the base currency using the Purchase Order’s Currency Factor.

• The Purchase Invoice’s Currency Factor will automatically adjust the inventory value.

Article Inventory-Costing-Fields  ·  Last updated September 29, 2025 · GoldFinch ERP Help Center