To start, we would like to include the inbound freight cost in our inventory value. We have looked into adding a pricing condition on the Info Record for the freight, but it books the offset against a clearing account. Our freight processing is handled by a 3rd party, so it is not feasible for us to use the clearing account.
Ideally, the accounting treatment would work in the following manner:
DR Inventory 105
CR GR/IR (AP) 100
CR Standard Freight Expense 5
Actual Freight Costs are not linked to the individual purchases, so they would be independent of this:
DR Actual Freight Expense 5
CR Accounts Payable 5
Ideally, the "Actual Freight Expense" and the "Standard Freight Expense" would both equal the same amount, but in the event that they are not we consider the difference is a Variance on the P&L.
We would consider setting the freight cost on an individual material level, a rate for each vendor, or even a rate (% material cost) for the plant as a whole.