Oracle Cost Management is another product related to Inventory and other manufacturing applications. This does not need to be specifically configured, though the basic configuration is done in Inventory as part of the inventory organization definition.
The data elements that are used to build the value (cost) are defined in Oracle Cost Management. If your enterprise is not a manufacturing company the default setups or minimal setups are sufficient to use in Inventory. Cost management is more relevant when there are manufacturing tasks and the configuration needs to be more detailed.
All accounting is managed and can be reviewed within cost management. Some reports and functions are also available within Oracle Inventory. They are as follows:
Create Accounting
Period Close