Mar-Kov uses Actual Costing. It maintains a weighted average cost of that item. This means that it revalues existing inventory when new inventory arrives based on the value and quantity of the new inventory compared to the existing inventory There are two prime situations where this occurs:

• Intake of new materials
  • Here the cost is initially corrected during receiving of the materials based on the price on the PO
  • Later when the vendor’s invoice is entered, the cost is corrected based on actual invoice and any shipping to establish a full landed cost for the inventory
• Manufacturing
  • Value of new manufactured inventory is the sum of the value of the consumed inventory along with services/labor and non-inventory items
    • Services/labor are assigned a standard cost that is used for this calculation

When inventory is sold and shipped, the value of that inventory becomes COGS for the invoice

There are several reports in Mar-Kov pertaining to costs:

• Inventory Cost Set Viewer (Shows value of inventory currently or on a historical date)
• Inventory Movement Set Viewer (Shows value of inventory transactions)
• Material Variance Analysis (Shows value contributions on a manufacturing order. This can also be seen on Inventory Movement Set Viewer)
• Invoice Detail Set Viewer (Shows the revenue, cost, and margin of each invoice line)
• Sales Analysis (same as inventory detail set viewer, but allows pivot by date, customer, item, etc)

Items with a price list in Mar-Kov will have an expected cost attached.

You are able to reverse the receipt and re-receive the item with the correct price entered. Note that this is only possible for items that have not taken part in any transactions in the system.

Mar-Kov has the dispense function. Accessed through Transactions >> Inventory >> Dispense. The function allows you to create new containers with inventory taken from another. This function is only available for items tracked by Container, Lot Trace.

Inventory for any item can be added to your Warehouse through the Create Inventory program. See training videos below
Create Inventory – Container, Lot Trace
Create Inventory – Inventory, Lot Trace
Create Inventory – No Lot Trace Items

Minimum stock level quantity can be set and Mar-Kov will send out a notification when inventory reaches the minimum levels. This value is set under the planning in the Item Update program.

The container disposal container or the write off missing container program can be used.

We recommend you use Mar-Kov codes as they are guaranteed to be unique. We do have a field for an internal lot code (Manf Lot) but this will have to be entered manually and Mar-Kov will not keep track of the numbers hence they are not guaranteed to be unique.