MTS #22A Inventory Valuation Reporting

Purpose:  To review the purpose of specific Inventory Reports.

Keywords:  The following is a list of key terms used in the SMARTSystem that you should be familiar with and understand.

       WAC – Weighted Average Costs vs Landed Costs

       Valuation (Inventory valuation) – the cost associated with inventory at a specific time which is a key part of the cost of goods sold  

Inventory Reports Menu:

The 4 reports highlighted below are addressed in this document.

Inventory Count / Adjustments Report

The purpose of this report is reconciling specific Purchase Order Lots.

Specific box numbers can be adjusted within a lot as highlighted below in red.

To adjust quantities, just enter the actual cooler quantity in the “Cooler Count” column.

The Landed Cost for each lot is captured at the time of entry. 

This report is not intended to give you an inventory valuation, because there are other factors that need to be considered.  The cost is only shown in the Inventory Count Adjustment screen to help the user identify the correct lot that needs to be adjusted.

You can sort each column by clicking the column heading.

Inventory Cost Value Report

The purpose of this report is to show the current landed cost for each Inventory Item and a total value at the end of this report which is the total inventory value based on current landed costs.

This Inventory Cost Value report has several options:

•        Product Cost Only (no freight) changes the heading on the Prod Cost or Landed Cost column.

•        Include Held Quantities will show the On Hand quantity higher to include the products on hold. When the checkbox is unchecked this message will show at the bottom of the screen:

1. You can sort each column by clicking the column heading.

Inventory Valuation Report

The purpose of this report is to show Inventory Valuation for each Inventory Item.  There are settings in the SMARTSystem that determine how the inventory value is to be reported:

•        Landed Cost or

•        Weighted Average Cost

This report is designed to match with your Quick Books report and reflects the AVERAGE COST values. 

The inventory valuation calculates its own WAC value based on the actual lots at the time the report is run and may not match with other reports.

You can sort each column by clicking the lower left hand corner of the column heading.

Cost of Inventory by Category Report

The purpose of this report is to show give you a quick summary of your Inventory Valuation by product category.  There are settings in the SMARTSystem that determine how the inventory value is to be reported:

•        Landed Cost or

•        Weighted Average Cost

This report uses the Costs from the inventory item and can be seen on the Inventory screen.

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