...
Collect the count sheets and enter the actual count data into the system by using the Inventory Reconciliation documentss documents.
Review the variances that were found: some items were counted under or over of what the accounting data shows. If the variances are significant for specific items, count these items again and research the accounting data to find the possible sources of discrepancy.
...
In FirstBIT ERP, the resulting inventory is valuated at the average weighted costs which are calculated by the month-end closing process. For details, refer to Inventory Valuation.