The Standard price is the most important price for a part in the system. The standard price describes the value of the product and is used in many occasions, such as the calculation basis price for purchased material, inventory valuation, contribution margins, etc.
For purchased parts, the standard price could be a recommended price for the purchase price + possible purchasing costs. For manufactured parts, a pre-calculation is made in the system, which is saved as the standard price. Under the Manufacturing tab you can see the allocation of the standard price for material, etc.
You can manage both a current and a future standard price in the system. The future standard price is entered in the field to the right. The future standard price can be used to create calculations for future prices in view of a new fiscal year.