Standard Cost: There are multiple ways for stock valuation like FIFO, LIFO, Weighted Average, Moving Weighted Average, Last Purchase Rate and standard Cost.

 A fixed rate, called as Standard Cost is used for Stock valuation whenever the user chooses to specify a fixed rate for each item as  arrived by herself externally.

This can be done in just 3 easy steps

Step1:  Standard settings configuration

Step2: Specifying the Standard cost

Step3: Stock Valuation with Standard Cost.

Step1:

Click Costing Module>Masters>Cost Analysis

Under Cost Analysis Tab

• Create Code e.g., STDCOST
• Create Name e.g., Standard Costing
• Select Type as Standard
• Select the dates e.g., 01Apr2017-31Mar2018
• Fill the Standard check box for the fields- Rate type, Material, Process, Resource
• Click save

Step2:

Costing >Masters>Product cost Estimate

Under Product Cost estimate

• Select cost analysis as Standard costing
• Click Add Row
• Select the Item, SKU e.g., Disel
• Enter the Rate
• Click Save

Step3

• Click Stores Module >Reports>Stock position> Detail>Item
• Item-wise Stock Position opens up
• Click the Filter icon on the Right

Filter for item-wise Stock-position details opens up

• Select Cost type as Standard

• Click Report  tab
• Selct Report format as Stock position Detail with Qty and Value

• Click Apply

Stock value with standard cost is displayed

In the Reports Screen , select Pdf under settings to get your report.