Stock – Material Cost Variances Report

Purpose:
Run this report to compare the standard and latest cost prices for stock items in order to calculate material price variances.
These can be posted to the Nominal Ledger as a journal entry to adjust stock values to Standard Cost as required – please contact your local Prelude distributor for further details.

Use this report to review the accuracy of the Standard Cost used. If the variance is significant, this could indicate that this needs revision.
The report shows the impact of the latest cost on the Gross Profit (value and %) on each Stock Line selected to help assess the impact of any change in Cost Standard on Profit and hence, Cash flow.

Preparation:
Ensure all Standard Costs are up to date on Stock Records.
Ensure all Stock Movements have been processed, and balanced and reconciled to Nominal Ledger entries.

Processing:
Either: On the main menu click Stock > Manufacturing Reports > Material Cost Variance , or click Report Control Button – Stock – click Material Cost Variance button to open form. Complete the form – see Material Cost Variance Report form – below.
Click OK to update records, and;
Print transactions as required – see Printing Reports.
Close form.

Reporting:
Distribute as required by management.

Filing:
File hard copy of report in a secure location, with any supporting documents.

Select the various ranges to print the transactions you need.

Click OK to print or export report or Close to abandon.