Standard Price: Value Calculation 
When a material is valuated at a standard price, the system calculates the value of goods movements in the following way:

For more information and examples of postings and value calculations for materials subject to valuation at a standard price, see:
Postings in the case of a price variance for material with standard price
Postings in the case of price and quantity variances for material with standard price
Postings in the case of a purchase order price quantity variance
Postings in the case of a credit memo for material with standard price