Standard Cost meaning in oil and gas
Definition
Standard Cost
Standard Cost means Standard Cost. One method of denominating material cost/inventory value. Implies having a fixed (periodically updated) cost for a material, multiplying it with stock quantity. This is an alternative…
One method of denominating material cost/inventory value. Implies having a fixed (periodically updated) cost for a material, multiplying it with stock quantity. This is an alternative to Moving Average Cost, which takes into account quantity x cost received and issued from inventory (LIFO/FIFO), and calculates the unit cost as the total inventory value divided by total inventory quantity.
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