Under Standard price you can see the current standard price for this part. You can manage both a current and a future standard price in the system. The future standard price can be used to create calculations for future prices in view of a new fiscal year. Future standard prices are determined by the setting Use future price in price lists, customer/supplier links?, under Price Management under the System tab in the Settings procedure.
Here you can also see the reported WIP balance of the current part at the time of the standard price change. This is determined by the setting Log WIP balance during standard price change, under the Inventory tab. This function is mainly useful for companies that use the supplement Management Accounting in order to adjust the WIP account in the accounting.