diff --git a/erpnext/manufacturing/doctype/bom/bom.js b/erpnext/manufacturing/doctype/bom/bom.js
index 4f08bbc3fc7..cfcab7aea68 100644
--- a/erpnext/manufacturing/doctype/bom/bom.js
+++ b/erpnext/manufacturing/doctype/bom/bom.js
@@ -175,6 +175,12 @@ frappe.ui.form.on("BOM", {
 		});
 	},
 
+	rm_cost_as_per: function(frm) {
+		if (in_list(["Valuation Rate", "Last Purchase Rate"], frm.doc.rm_cost_as_per)) {
+			frm.set_value("plc_conversion_rate", 1.0);
+		}
+	},
+
 	routing: function(frm) {
 		if (frm.doc.routing) {
 			frappe.call({
@@ -205,7 +211,7 @@ erpnext.bom.BomController = erpnext.TransactionController.extend({
 	item_code: function(doc, cdt, cdn){
 		var scrap_items = false;
 		var child = locals[cdt][cdn];
-		if(child.doctype == 'BOM Scrap Item') {
+		if (child.doctype == 'BOM Scrap Item') {
 			scrap_items = true;
 		}
 
@@ -215,8 +221,19 @@ erpnext.bom.BomController = erpnext.TransactionController.extend({
 
 		get_bom_material_detail(doc, cdt, cdn, scrap_items);
 	},
+
+	buying_price_list: function(doc) {
+		this.apply_price_list();
+	},
+
+	plc_conversion_rate: function(doc) {
+		if (!this.in_apply_price_list) {
+			this.apply_price_list();
+		}
+	},
+
 	conversion_factor: function(doc, cdt, cdn) {
-		if(frappe.meta.get_docfield(cdt, "stock_qty", cdn)) {
+		if (frappe.meta.get_docfield(cdt, "stock_qty", cdn)) {
 			var item = frappe.get_doc(cdt, cdn);
 			frappe.model.round_floats_in(item, ["qty", "conversion_factor"]);
 			item.stock_qty = flt(item.qty * item.conversion_factor, precision("stock_qty", item));
diff --git a/erpnext/manufacturing/doctype/bom/bom.json b/erpnext/manufacturing/doctype/bom/bom.json
index 63f4f977c59..4ce0ecf3f27 100644
--- a/erpnext/manufacturing/doctype/bom/bom.json
+++ b/erpnext/manufacturing/doctype/bom/bom.json
@@ -1,4 +1,5 @@
 {
+ "actions": [],
  "allow_import": 1,
  "creation": "2013-01-22 15:11:38",
  "doctype": "DocType",
@@ -6,23 +7,25 @@
  "engine": "InnoDB",
  "field_order": [
   "item",
-  "quantity",
-  "set_rate_of_sub_assembly_item_based_on_bom",
+  "company",
+  "item_name",
+  "uom",
   "cb0",
   "is_active",
   "is_default",
   "allow_alternative_item",
-  "image",
-  "item_name",
-  "uom",
-  "currency_detail",
-  "company",
+  "set_rate_of_sub_assembly_item_based_on_bom",
   "project",
+  "quantity",
+  "image",
+  "currency_detail",
+  "currency",
   "conversion_rate",
   "column_break_12",
-  "currency",
   "rm_cost_as_per",
   "buying_price_list",
+  "price_list_currency",
+  "plc_conversion_rate",
   "section_break_21",
   "with_operations",
   "column_break_23",
@@ -176,7 +179,8 @@
   },
   {
    "fieldname": "currency_detail",
-   "fieldtype": "Section Break"
+   "fieldtype": "Section Break",
+   "label": "Currency and Price List"
   },
   {
    "fieldname": "company",
@@ -324,7 +328,7 @@
   },
   {
    "fieldname": "base_scrap_material_cost",
-   "fieldtype": "Data",
+   "fieldtype": "Currency",
    "label": "Scrap Material Cost(Company Currency)",
    "no_copy": 1,
    "options": "Company:company:default_currency",
@@ -477,13 +481,31 @@
   {
    "fieldname": "column_break_52",
    "fieldtype": "Column Break"
+  },
+  {
+   "allow_on_submit": 1,
+   "depends_on": "eval:doc.rm_cost_as_per=='Price List'",
+   "fieldname": "plc_conversion_rate",
+   "fieldtype": "Float",
+   "label": "Price List Exchange Rate"
+  },
+  {
+   "allow_on_submit": 1,
+   "depends_on": "eval:doc.rm_cost_as_per=='Price List'",
+   "fieldname": "price_list_currency",
+   "fieldtype": "Link",
+   "label": "Price List Currency",
+   "options": "Currency",
+   "print_hide": 1,
+   "read_only": 1
   }
  ],
  "icon": "fa fa-sitemap",
  "idx": 1,
  "image_field": "image",
  "is_submittable": 1,
- "modified": "2019-11-22 14:35:12.142150",
+ "links": [],
+ "modified": "2020-05-05 14:29:32.634952",
  "modified_by": "Administrator",
  "module": "Manufacturing",
  "name": "BOM",
diff --git a/erpnext/manufacturing/doctype/bom/bom.py b/erpnext/manufacturing/doctype/bom/bom.py
index c898d378c3a..d11077270aa 100644
--- a/erpnext/manufacturing/doctype/bom/bom.py
+++ b/erpnext/manufacturing/doctype/bom/bom.py
@@ -55,11 +55,13 @@ class BOM(WebsiteGenerator):
 		self.validate_main_item()
 		self.validate_currency()
 		self.set_conversion_rate()
+		self.set_plc_conversion_rate()
 		self.validate_uom_is_interger()
 		self.set_bom_material_details()
 		self.validate_materials()
 		self.validate_operations()
 		self.calculate_cost()
+		self.update_cost(update_parent=False, from_child_bom=True, save=False)
 
 	def get_context(self, context):
 		context.parents = [{'name': 'boms', 'title': _('All BOMs') }]
@@ -155,7 +157,7 @@ class BOM(WebsiteGenerator):
 			 'rate'			: rate,
 			 'qty'			: args.get("qty") or args.get("stock_qty") or 1,
 			 'stock_qty'	: args.get("qty") or args.get("stock_qty") or 1,
-			 'base_rate'	: rate,
+			 'base_rate'	: flt(rate) * (flt(self.conversion_rate) or 1),
 			 'include_item_in_manufacturing': cint(args['transfer_for_manufacture']) or 0
 		}
 
@@ -216,7 +218,7 @@ class BOM(WebsiteGenerator):
 							frappe.msgprint(_("{0} not found for item {1}")
 								.format(self.rm_cost_as_per, arg["item_code"]), alert=True)
 
-		return flt(rate) / (self.conversion_rate or 1)
+		return flt(rate) * flt(self.plc_conversion_rate or 1) / (self.conversion_rate or 1)
 
 	def update_cost(self, update_parent=True, from_child_bom=False, save=True):
 		if self.docstatus == 2:
@@ -233,10 +235,15 @@ class BOM(WebsiteGenerator):
 				"stock_uom": d.stock_uom,
 				"conversion_factor": d.conversion_factor
 			})
+
 			if rate:
 				d.rate = rate
 			d.amount = flt(d.rate) * flt(d.qty)
-			d.db_update()
+			d.base_rate = flt(d.rate) * flt(self.conversion_rate)
+			d.base_amount = flt(d.amount) * flt(self.conversion_rate)
+
+			if save:
+				d.db_update()
 
 		if self.docstatus == 1:
 			self.flags.ignore_validate_update_after_submit = True
@@ -362,6 +369,13 @@ class BOM(WebsiteGenerator):
 		elif self.conversion_rate == 1 or flt(self.conversion_rate) <= 0:
 			self.conversion_rate = get_exchange_rate(self.currency, self.company_currency(), args="for_buying")
 
+	def set_plc_conversion_rate(self):
+		if self.rm_cost_as_per in ["Valuation Rate", "Last Purchase Rate"]:
+			self.plc_conversion_rate = 1
+		elif not self.plc_conversion_rate and self.price_list_currency:
+			self.plc_conversion_rate = get_exchange_rate(self.price_list_currency,
+				self.company_currency(), args="for_buying")
+
 	def validate_materials(self):
 		""" Validate raw material entries """
 
diff --git a/erpnext/manufacturing/doctype/bom/test_bom.py b/erpnext/manufacturing/doctype/bom/test_bom.py
index 45a7b935d38..3dfd03b1395 100644
--- a/erpnext/manufacturing/doctype/bom/test_bom.py
+++ b/erpnext/manufacturing/doctype/bom/test_bom.py
@@ -81,13 +81,13 @@ class TestBOM(unittest.TestCase):
 
 		# test amounts in selected currency
 		self.assertEqual(bom.operating_cost, 100)
-		self.assertEqual(bom.raw_material_cost, 8000)
-		self.assertEqual(bom.total_cost, 8100)
+		self.assertEqual(bom.raw_material_cost, 351.68)
+		self.assertEqual(bom.total_cost, 451.68)
 
 		# test amounts in selected currency
 		self.assertEqual(bom.base_operating_cost, 6000)
-		self.assertEqual(bom.base_raw_material_cost, 480000)
-		self.assertEqual(bom.base_total_cost, 486000)
+		self.assertEqual(bom.base_raw_material_cost, 21100.80)
+		self.assertEqual(bom.base_total_cost, 27100.80)
 
 	def test_bom_cost_multi_uom_multi_currency_based_on_price_list(self):
 		frappe.db.set_value("Price List", "_Test Price List", "price_not_uom_dependent", 1)
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 97a45692fd1..ea12e2f2210 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -666,3 +666,4 @@ erpnext.patches.v12_0.remove_duplicate_leave_ledger_entries
 execute:frappe.delete_doc_if_exists("Page", "appointment-analytic")
 erpnext.patches.v12_0.unset_customer_supplier_based_on_type_of_item_price
 erpnext.patches.v12_0.set_serial_no_status
+erpnext.patches.v12_0.update_price_list_currency_in_bom
diff --git a/erpnext/patches/v12_0/update_price_list_currency_in_bom.py b/erpnext/patches/v12_0/update_price_list_currency_in_bom.py
new file mode 100644
index 00000000000..f5e7b947c23
--- /dev/null
+++ b/erpnext/patches/v12_0/update_price_list_currency_in_bom.py
@@ -0,0 +1,31 @@
+from __future__ import unicode_literals
+import frappe
+from frappe.utils import getdate, flt
+from erpnext.setup.utils import get_exchange_rate
+
+def execute():
+	frappe.reload_doc("manufacturing", "doctype", "bom")
+	frappe.reload_doc("manufacturing", "doctype", "bom_item")
+
+	frappe.db.sql(""" UPDATE `tabBOM`, `tabPrice List`
+		SET
+			`tabBOM`.price_list_currency = `tabPrice List`.currency,
+			`tabBOM`.plc_conversion_rate = 1.0
+		WHERE
+			`tabBOM`.buying_price_list = `tabPrice List`.name AND `tabBOM`.docstatus < 2
+			AND `tabBOM`.rm_cost_as_per = 'Price List'
+	""")
+
+	for d in frappe.db.sql("""
+		SELECT
+			bom.creation, bom.name, bom.price_list_currency as currency,
+			company.default_currency as company_currency
+		FROM
+			`tabBOM` as bom, `tabCompany` as company
+		WHERE
+			bom.company = company.name AND bom.rm_cost_as_per = 'Price List' AND
+			bom.price_list_currency != company.default_currency AND bom.docstatus < 2""", as_dict=1):
+			plc_conversion_rate = get_exchange_rate(d.currency,
+				d.company_currency, getdate(d.creation), "for_buying")
+
+			frappe.db.set_value("BOM", d.name, "plc_conversion_rate", plc_conversion_rate)
\ No newline at end of file