4.4.06 client has requested a custom a monthly PO Receipt report with item number, description, received quantity, received cost and a ""standard cost"" (please see attached excel sample). Items use FIFO, Average or Serial for the valuation method.
They are defining ""standard cost"" as: cost per item determined at the beginning of the fiscal year- Typically this is the cost established by the last purchase of an item during the previous fiscal year, though it can also be a cost established through other means which is intended to be the purchased cost during the current fiscal year.
Any suggestions on how to obtain the ""standard cost"" would be greatly appreciated.