Multiple INVENTORY pricing... price based on FIFO
Hello,
We fix and flip homes. We buy products in bulk, for example: knobs, valves, LED lights, etc.
I use Products to put these items into inventory. Lets say I start with: 100 qty purchase of valves with calculated unit price of $6.58 each (with tax included). I put into Products, 100 qty at $6.58. All is good so far.
As we complete projects, I create a Sales receipt and pull the items from inventory. So if a project uses 25 valves, the sales receipt will add $164.50 (25 *$6.58) to the cost of our renovation. All is still good.
Now, lets say we complete several projects, and now my qty in inventory has a balance of 7 valves. I need to order more. But here is where I am having issues. When I reorder, almost ALL the time, prices increase from one time of purchase to the next. When I reorder, 100 valves now cost $7.49 each.
The current project will need 11 valves.... 7 at the price of $6.58 each, and the remaining 4 to be pulled in at the new price of $7.49 each. and I want to use all "old" product first, so FIFO (first in, first out) in qty with respective pricing.
I was making different Product entries, with their respective price, but that is much too cumbersome! AND i need to do multiple entries in the sales receipt to accurately deplete stock... its very frustrating...
HELP!