Standard Costs are costs that would be generally required if the stock were to be replaced. They’re used to measure against benchmarks for production and purchasing.
The Standard Cost Worksheet is a standard feature within Business Central and Dynamics NAV. It allows the changing of standard costs as the purchase prices, Bills of Materials and manufacturing operation times change. However, standard doesn’t provide the functionality to calculate the new costs based on landed costs or average actual costs.
Advanced Cost Worksheet allows you to calculate new standard costs based on last landed costs or average landed cost. It also ignore items that are still going through their design stage and provides more information on the worksheet so that the new standard cost more accurately reflects the replacement cost.