What is standard price in SAP FIN-BAC-INV - Inventory Accounting?

SAP Term: standard price

• Component: FIN-BAC-INV

• Component Name: Inventory Accounting

• Description: Valuation procedure where a valid valuation approach is never set or changed by goods movements or settlements. The inventory price as standard price is explicitly set by a separate function, and remains valid until it is replaced by a new price.

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• Key Concepts: 
  Standard price is a fixed price set by a company for a particular material or service. It is used to determine the value of inventory and cost of goods sold. It is also used to calculate the cost of goods purchased from vendors. 
  
  How to use it: 
  Standard price can be used in SAP Inventory Accounting (FIN-BAC-INV) to determine the value of inventory and cost of goods sold. It can also be used to calculate the cost of goods purchased from vendors. The standard price can be set manually or automatically based on the material master data. 
  
  Tips & Tricks: 
  It is important to keep the standard price up-to-date in order to ensure accurate inventory valuation and cost calculations. It is also important to consider any discounts or surcharges when setting the standard price. 
  
  Related Information: 
  For more information on standard price, please refer to SAP Help documentation on Inventory Accounting (FIN-BAC-INV).