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Stock Valuation – Standard Costing

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

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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

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Step2: Costing >Masters>Product cost Estimate

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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

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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

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

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Click Apply

Stock value with standard cost is displayed

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

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