An inventory model is typically assigned to an item when you are configuring its inventory model group. We recommend, however, that you confirm that the inventory model you want to use for each model group is selected before you run the inventory close procedure.

1. Click Inventory management> Setup> Inventory model groups .

2. Click the Inventory modeltab.

3. Make a selection in the Inventory modelfield.

   For more information including examples of each of the inventory models available to you, see the following topics:

   • About FIFO

   • About LIFO

   • About LIFO Date

   • About weighted average

   • About weighted average date

   • Prerequisites for standard costs