Last Purchase Price does not reflect current cost for Standard Costing
For Items that have not been recently purchased, the Last Purchase Price does not contain the current cost/price of that Item, so Standard Costing is incorrect.
What is the recommended approach to having Standard Costs correctly use the Current Cost of an Item not the Cost of the Item the last time we purchased it.
This issue is impacting our ability to perform Standard Cost and Pricing Analysis. We need to know how much it cost to make it today (Labor, Overhead & Materials), based upon today's costs, not the cost of the materials the last time we purchased them.