Overview
The part price field shows the average price of a part using the general stock price and purchases from POs.
This article explains how the part price field displays an average using general stock, parts purchased from POs, and LIFO/FIFO settings.
Table of Contents
View the Part Price Field
Navigate to the Manage Parts page and click on any part to open it.
In the Info tab, you'll see the Price field.
To see the detailed list of available parts from general stock and POs, click the caret next to "Price Details."
General Stock (GS) Price
General Stock (GS) Price
The general stock (GS) price is the typical price of the part per unit.
Since the part price is factored into the total value of your inventory and parts costs in tasks, we recommend adding a general stock price, especially if you don't use Limble's purchasing system.
To update the general stock price of a part, type a new value into the GS field.
How the Price is Calculated
The price field is the average price for that part using the general stock unit price and received parts from POs, according on your LIFO/FIFO settings.
Price = [total part value] / [total part quantity]
The total part value is the entire value of the parts on hand. This is taken from adding parts from general stock and parts received through POs.
The total part quantity is the amount of parts you have on hand. This is shown in the "Qty" field, but is calculated by adding the parts on hand from general stock and POs.
The LIFO/FIFO settings determine the order that parts purchased from POs are consumed. The general stock is always used first, then parts from POs based on the LIFO/FIFO settings. This affects the average price of what's left over, depending on how much this part cost in more recent vs. older POs:
FIFO (First In, First Out): your oldest parts will be consumed first. This means that after the general stock-priced items, the oldest parts purchased will be used first.
LIFO (Last In, First Out): your most recently purchased parts will be consumed first. This means that after the general stock-priced items, the parts purchased from your most recent PO will be used first.
You also have the option to "let the user pick," though we only recommend doing so if you have briefed your technicians on what these settings mean.
Super Users can update the LIFO/FIFO settings in Settings > Configuration > Part Settings > Parts Consumption.
Example
Using the info below, we'll calculate 1) the current part price and 2) what the price would after consuming parts.
Item | Quantity | Price per Part |
General Stock | 5 | $10 |
PO #2 (newer PO) | 10 | $12.50 |
PO #1 (older PO) | 10 | $15 |
Parts consumption setting | FIFO |
|
Current Part Price
Current Part Price
Price = [50+125+150] / [5+10+10]
The current value in the part price field is $13.
Adding up the GS and PO part quantities, we have a total part quantity of 25.
Multiplying the number of parts times the price for the GS and PO part quantities, we have a total part value of $325.
325 divided by 25 gives us the value of $13.
Price After Consuming Parts
Price After Consuming Parts
In this example, 10 parts were consumed in a task.
General stock is always consumed first, which means all 5 parts were used.
Since the parts consumption setting is "FIFO," older parts are consumed first. This means parts from PO #1 will be used first, updating the quantity to 5.
Price = [0+125+75] / [0+10+5]
After consuming parts, the value in the part price field is $13.33
Adding up the GS and PO part quantities, we have a total part quantity of 15.
Multiplying the number of parts times the price for the GS and PO part quantities, we have a total part value of $200.
200 divided by 15 gives us the value of $13.33.
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