Std costing/WAVG costing

Hi,

Can someone please help me understand how AX revaluates item cost when standard cost/or Weighted average is used? i.e. what exactly happens in the background once an inventory close/recalc is run?

I understand what happens when DWAVG or FIFO is used but I dont really understand what happens when standard cost or weighted average is used. Can someone please assist?

thanks, Sahar