This tab contains the options to manage the cost, price and margins of your inventory.
Figure 6-3
- Weighted Unit Cost – The average cost of the item.
- When entering a new item into the system, enter the current cost. If the item is received at a different cost, the Weighted Unit Cost will be calculated for you as an average of the old cost and the new cost, as follows:
- ([old cost x current qty] + [new cost x new qty]) / (current qty + new qty)
- When entering a new item into the system, enter the current cost. If the item is received at a different cost, the Weighted Unit Cost will be calculated for you as an average of the old cost and the new cost, as follows:
- Last Purchase Cost – The cost of the item at the time of your last purchase.
- Tax 1 (Y/N) – Enter a Y for "yes" if you want this item to be taxable under the Tax 1 settings. Enter a N for "no" if you do not want Tax 1 to be calculated.
- Tax 2 (Y/N) – Enter a Y for "yes" if you want this item to be taxable under the Tax 2 settings. Enter a N for "no" if you do not want Tax 2 to be calculated.
- Suggested List – Enter the suggested retail price of the item on this line.
- This is not the price your customers are charged, but the "list" price that can be displayed to better advertise discounts.
- The Suggested List price cannot be lower than the other price levels.
- You can leave this field blank if you don't wish to use this feature.
- Price – enter the price ("Price A") that you will be charging for this item.
- Price Level B – This is the first of many "Price Levels" that you can set for your items. This is used in conjunction with the Price Level setting for each customer, so if you have a Price Level B customer loaded to the Front Register, the price you enter here is what that customer will be charged.
- Price Levels C, D, E – These are additional Price Levels you can set. Typically, your "Price" (considered Price Level A) will be the highest, then the figures would move down as you progress to Price Level E.
- Web Price – The Web Price cannot be charged in MicroBiz, but you can record it here for reference.
- Percent Margin – This column automatically calculates your profit margin by comparing the cost with each Price Level.
- Percent Markdown – This column automatically calculates the "Markdown" savings by comparing the Suggested List price with each Price Level.