Relation between STD Price and Costing

Hi,
Could anyone explain about the relation between STD Price and Costing & when and where it gets effected.
Points will be rewarded.
Regards

Hi ,
Std. Price :-
A constant price at which a material is valuated without taking goods movements and invoices into account.
Costing:-
The value of use of economic goods both tangible and intangible for the creation and sale of goods and services, as well as the acquisition and maintenance of plant and machinery.
A process that calculates the cost of goods manufactured, or the cost of goods sold, in relation to a product or cost object.
The results of costing are used to determine the following information:
Target costs
Variances for materials produced
Contribution margin for materials sold
The costing process is based on the order quantity or the costing lot size in the material master record.
Edited by: vk on Apr 24, 2008 7:17 AM

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