NetSuite Exam ERP-Consultant Topic 9 Question 43 Discussion

Actual exam question for NetSuite's ERP-Consultant exam

Question #: 43
Topic #: 9

[All ERP-Consultant Questions]

Identify the steps for valuing an inventory item using the Standard Cost Costing method?

1. Rollup Standard Costs.

2. Enter Standard Cost at sublist level.

3. Revalue inventory and update Standard Costs.

A2, 3, 1

B3, 1, 2

C1, 3, 2

D2, 1, 3

Show Suggested Answer

Suggested Answer: B

by Freeman at Oct 18, 2023, 02:00 PM

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Allene

2 months ago

Wait, we're supposed to value the inventory? I thought we just guessed the price and called it a day. *laughs* Clearly, I need to brush up on my standard cost costing skills.

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Art

28 days ago

User 2: No, I haven't. What are the steps for valuing an inventory item using that method?

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Deonna

29 days ago

User 1: Haha, yeah, it's important to value the inventory correctly. Have you tried using the Standard Cost Costing method?

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Son

1 months ago

User2: I know, right? I think it's 2, 3, 1 for Standard Cost Costing method.

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Dominga

2 months ago

User1: Haha, yeah, we actually have to follow some steps for valuing inventory.

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Ronald

2 months ago

Option A is the way to go! Gotta love those standard cost rollovers, am I right? *winks*

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Abraham

2 months ago

This is a tricky one! I'm torn between options A and D. Gonna have to think about this a bit more.

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Flo

2 months ago

Option B looks right, but I'm not entirely sure. Revaluing the inventory and updating the standard costs seems like the first step to me.

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Latonia

2 months ago

I think option C is the correct answer. The steps seem logical and make sense to me.

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Ryan

2 months ago

Revaluing inventory and updating costs last seems like the final step.

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Jules

2 months ago

Entering standard cost next seems like the logical step.

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Marget

2 months ago

I think so too, it makes sense to rollup costs first.

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Colette

2 months ago

I agree, option C seems like the correct sequence.

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Theodora

3 months ago

I see your point, Sabra. But I think C) 1, 3, 2 makes more sense as we should rollup Standard Costs first.

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Sabra

3 months ago

I disagree, I believe it should be B) 3, 1, 2 because we need to revalue inventory first.

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Pearly

3 months ago

I think the correct steps are A) 2, 3, 1.

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