What Does Average Base Cost, Last Invoiced Base Cost, and Standard Base Cost Mean?

Question:

What do the three costs on the Item card mean? (Average Base Cost, Last Invoiced Base Cost, and Standard Base Cost)

Answer:

The Average Base Cost is the average Unit Cost of the inventory you currently have on hand.
The Last Invoiced Base Cost is the last cost the item was purchased at or produced at.
The Standard Base Cost is used when the item has the Costing Method of Standard. If the Item has the Costing Method of FIFO, Standard Base Cost can still be populated for the comparison or reporting purpose.