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Standard Cost
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For Buy Items Standard Cost = Item Vendor Cost x Duty Factor x Freight Factor x Overhead Factor
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A) If Do Not Roll Up is off in Application Preferences – immediately on updating Vendor Costs
B) If Do Not Rollup is on then this is updated manually when Item Rollup is performed.
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Standard Cost Variance
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The difference between Actual Cost and Standard Cost
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When processing Vendor or Customer Invoices
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Purchase Price Variance
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The difference between the PO price and Vendor Invoice Price
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When processing Vendor Invoices
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Actual Cost
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For Buy Items: The Actual Cost invoiced by the vendor
For Make Items: The actual material cost based on the addition of all child item FIFO inventory costing and the actual labor costs assigned to the work order from data collection
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When processing Vendor or Customer Invoices
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Most Recent Cost
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The cost the last time a buy item was purchased or a make item was manufactured
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On receipt of a buy item
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Replacement Cost
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The current cost to purchase a buy item from a Vendor
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After updating Vendor costs.
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