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How is the standard price for inventory calculated?

Robert Nicholls
on 10/31/13, 6:51 PM 1,199 views

How is the standard price for inventory calculated? And does it conform to GAAP.


Ray Carnes

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Ray Carnes
On 10/31/13, 7:48 PM

The standard price is not calculated - it is entered (and it is up to the users of the system to change it).

If the difference between the standard and actual price is properly pro-rated to the inventory book value and COGS, then you can be GAAP compliant. The anglo-saxon module can keep track of the difference for you, but you must manually apportion the amounts.

You are better off installing the FIFO module.


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Asked: 10/31/13, 6:51 PM
Seen: 1199 times
Last updated: 3/16/15, 8:10 AM