Standard Cost

Standard Cost Functions

Standard Cost requires WorkWise ERP Bill of Material and Inventory Management applications. The Standard Routing and Accounts Payable applications, while not required, are recommended. Standard Cost functions include:

• Maintaining two sets of standard costs
  • Beginning-of-the-year cost projections (standard)
  • Up-to-date cost projections (current)
• Maintaining each set of standard costs in two layers:
  • Value-added costs at this level of the bill of material
  • Accumulated costs including lower levels of the bill of material
• Segmenting and maintaining each layer of standard costs by material, labor, fixed burden and variable burden
  • Provides a Purchase Price Variance report when interfaced to AP
  • Provides critical ratios such as Variance-to-Standard or Variance-to- Current for purchased parts when interfaced to AP
• Providing costed bill of material reports in single level, indented, and sum­marized formats.
• Allowing labor calculations by item from the operation level via routings.
• Current to Standard rollover.
• Facilitating “what if” cost analysis.
• Interface to other WorkWise ERP applications.