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