In this video, learn how to use the Standard Price costing method through the Manufacturing Application.
0:00 - Introduction
1:13 - BoM Structure & Cost
3:54 - MO for Table 1
4:57 - Purchase Components for Table 2
6:46 - Inventory Valuation
7:59 - Complete MO for Table 2
9:22 - Update Product Cost
11:02 - Conclusion
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1.
How should one approach updating costs when using Standard Price?
Manually change the cost of the finished product first, then change the component costs accordingly
Manually change the component costs only: the cost of the finished product will update automatically
Manually change the component costs first, then update the cost of the finished product using the “Compute Price from BoM” button on the product form
Manually change the cost of the finished product first, then change the component costs using the “Compute Price from BoM” button on the product form
2.
Using the Standard Price method: If I manufacture the following two tables, what will the final product cost be? Listed Cost on Product: $150; Table 1: $200; Table 2: $180
3.
3. What is the difference between Operation Costs on the BoM Overview and Cost Analysis?
The BoM Overview includes cost of goods and cost to operate the work center, excluding labor costs.
The BoM Overview only displays product cost. The Cost Analysis Report displays operating costs.
The BoM Overview only displays the operating costs and labor costs. The Cost Analysis Report displays the product costs.
The BoM Overview and Cost Analysis display the same information.
