Cost of inventory

Hi all,

Can u please tell me from where the cost of inventory would pick from?. I wish to know this in a series of events especially the cost of WIP & FG.

My Assumption is as follows it would pick the Material cost from Bill of Material & conversion cost from job cards and with it will add my Overheads then these will reflect as my cost of inventory.

Am I wrong? Pls help with process flow of reflecting my inventory cost of WIP & FG.

ERP is irrelevant here. I want a general idea.

Thanks in advance.