Raw Material Cost

So the raw material cost is maintained to equal the purchase price of the raw material item. On the item, the latest purchase price check box is selected in the line details which is automatically updating the purchase price of the item after the invoice is posted. That is working fine. What I need help with:

The inventory value of the raw material item is based on the cost of the item, but the cost of the raw material item does not automatically update to equal the purchase price when it is updated. Is there a way to automatically update the cost of a raw material item to reflect the updated purchase price? We are using a standard cost inventory value method.

Any help is appreciated!!

Have you ticked the latest cost price check box as well?

I was unaware of this feature!

However, I did go to it and was unable to select it. An error appears stating that it is unable to be selected for items set up with Standard cost. Is this normal?

Is there something that I am missing to update standard costs? the documentation on updating standard costs is hard for me to understand.

Ah [:D] if you are using standard costing then there is no ability to update the cost from the purchase invoice, because that is not your cost, your standard cost is your cost! You need to create new standards through the costing version. This is done through copying existing or calculating for manufactured items.

Okay, I see how to do that, but it seems like I would have to manually go through each item and change the standard cost in the item price form. Is it possible to do this process in a more efficient/automatic fashion?

If it is not, I guess it is understandable. AX will not really know what we are changing the standard to.

If you have done this you can copy them from the existing version. However first step is to create and activate them in the costing version, or set the fallback principle and have it set on the item. If they are manufacturing items you can run a calculation on the costing version for all of them.

I understand the copying from the existing version, I guess it is really just a manual entry for the items whose standard cost actually changes, and the rest of the items are left at their copied over cost. Then the automatic mass recalculation of manufacturing items can be done after the raw material standard costs have been activated!

Thanks for clearing that up