Just some extra specification to add from what cybrosys wrote.

Standard process: Set  Product costing should as FIFO or AVCO.  You set it on the product category.  Product cost will then be updated in company currency on each purchase. (On goods receipt and adjusted with the invoice).  Currency rate for goods receipt will be the date purchase order and for the invoice the date of the invoice.  You can follow the cost calculation on report Inventory->Reporting->Valuation.

I assume you have activated automatic update of currency rates.

Price lists are defined by currency. You set it default on partner, and can modify on sales order. It determines the currency on the sales order. When you sell in a different currency than company currency, the cost and price will be converted into price list currency.

In the price list set Price Type by formula. Base price = cost and Markup = 58%

The currency rate used will be the latest available of the sales order / quoation entry date. Most often you will see the rate from yesterday.

It works.  But be aware the risk with currency rate, when you purchase and sell in other currency than company currency. The currency rate on sale will be different from purchased.

Hi,

Odoo does not natively handle cross-currency cost-based pricing with markups, so the cleanest solution is to use the standard pricelist formula "Based on → Cost" with a 58% markup, but extend it slightly with a small custom module or community app that first converts the cost from EUR to NOK using Odoo’s daily exchange rates, then applies the markup. This way you keep your cost in EUR, let Odoo handle currency conversion automatically, and avoid hacks like 2785% markups.

Refer to the following.

App

* https://apps.odoo.com/apps/modules/18.0/exchange_currency_rate

Documentation

* https://www.cybrosys.com/blog/how-to-manage-multi-currency-and-currency-rates-in-odoo-18-accounting

* https://www.odoo.com/documentation/18.0/applications/finance/accounting/get_started/multi_currency.html#:~:text=Each%20account%20can%20have%20a,handled%20instead%20of%20just%20one.

Video

* https://www.youtube.com/watch?v=q5fAVs64Xxc

Hope it helps