Record a part's cost information

Made2Manage stores information about each standard part or assembly in an item master. Quotations, sales orders, job orders, and financial reports use the Item master’s cost information. The fourth step in adding an item master is to record cost information.

Note: Before you do this, you must record the part’s basic information, design and revision information, and production information.
How?

To record a part’s cost information

Open the Costs Tab and Update Basic Information

1. Open the Item Master (INV) page.

   1. Select Production Management > Master Data > Item Master.

      Or

   2. Search for INV or Item Master in the Navigation box and then select Item Master.

      The Item Master (INV) page appears.

2. Click Browse on the Toolbar.

   The Browse For Item Master window appears.

3. Select a row and click Select. Or, double-click the item.

4. Click the Costs tab.

   Note:

   The Costs tab has two sections.

• Section 1: Standard

• Section 2: Has one of the following labels based on the inventory costing reference you use and the selection made in Production > Master Costing > Costing > Inventory Costing Reference.

  » Average Cost

  » Last Actual Cost

  » Current Rolled Cost

• For more information on choosing a costing reference, see **.

5. Make the necessary changes:

   1. In the Material field in the Standard column, specify the standard material cost per unit of measure.
   2. If the second column label is Current Rolled Cost, in the Material field of that column, specify the standard material cost.

   Note:

• As the standard material cost changes over time, Made2Manage calculates the average standard material cost and updates the Material field in the Average Cost column.
• The Vendor Pur Price field appears if the item is a buy item. It shows your cost in terms of the vendor’s unit of measure.
• The Cost In Default Selling U/M field appears if the item has a Selling U/M. It shows your cost in terms of the default selling unit of measure.

Enter Information About Items That You Do Not Buy

If you do not buy the item:

1. Type the standard labor cost in the Labor field of the Standard

   column.

2. If the second column label is Average Cost, type the standard labor cost in the Labor field.

3. Type the standard overhead cost in the Overhead field of the Standard column.

4. If the second column label is Average Cost, type the standard overhead cost in the Overhead field.

   As the standard labor and overhead costs change over time, Made2Manage calculates the average standard labor and overhead costs and updates the Average Cost column.

Allow Cost Roll Up

1. To allow the standard costs to roll up, select the Allow Cost Roll Up check box in the Standard column. For more information, see **.

   Note:

• After you roll up costs in the Inventory Cost Roll Up (CRUP) page, the costs in the Item Master (INV) page are calculated based on the Yields in RTG page.
• If the unit of measure is Each (EA) or Piece (PC), the Operation quantity will be rounded up to the next integer after the calculation with yield and used for computing the labor and overhead costs.
• If the unit of measure is other than EA or PC, the Operation quantity will remain as it is (decimal/integer) after the calculation and the same is used for computing the labor and overhead costs.

2. To allow the costs in the second column to roll up, select the Allow Cost Roll Up check box in the second column.

Enter other details

1. Click the Planning tab:

   1. In the Safety Stock field, specify the minimum quantity to keep in stock.
   2. In the Re-Order Qty field, specify the minimum quantity to re-order.

2. Click the Quantity tab:

   » To cycle count the item, in the Cycle Counts/Year field, specify the number of times per year to cycle count the item.

Save

• Click Save on the Toolbar to save the information.

  Note: If the item is a buy item, you can record the item’s vendors.

  Note: For information on to view a multidimensional part information’s, see Viewing Multidimensional part information.