What are the standards required for product costing?

Every product will need following standards before costing. We so have to set the also in ERP environment if we follow standard costing.

1.     Setting Standards

1.1Standards for Materials

1.1.1          For Locally Procured or Outsourced Materials

1.1.2          For Imported Materials

1.2Standards for Labor

1.2.1          For Direct and Indirect Hours

1.2.2          Unproductive or Non Value Added Hours

1.3Standards for Overhead

1.3.1          Plant-wise

1.3.2          Head of A/Cs wise

1.3.3          Cost Center-wise

1.3.4          Unproductive or Non Value Added Hours