Switch from FIFO to Standard Costing

Summary:

Our Manufacturing client is currently using Actual (FIFO) costing method in their legacy system. They want to move to Standard Costing method in Oracle Cloud ERP. We want to understand the key considerations for such change in costing method, and how to evaluate the final impact on inventory valuation and P&L reporting? They have multi-layered make items, and we are implementing discrete manufacturing.

Content (required):

Our Manufacturing client is currently using Actual (FIFO) costing method in their legacy system. They want to move to Standard Costing method in Oracle Cloud ERP. We want to understand the key considerations for switching from FIFO to standard costing. What will be the business process changes that the client will need to adopt? And what impacts to expect on inventory valuation, P&L reporting, audit and tax, etc.?