Valuation Rate and Standard Selling Rate on adding item,

While adding item directly from the quotation. Does this means that it will automatically add price list of standard buying (valuation rate) and standard selling (standard selling rate)?

But upon checking it create a selling price and buying price on the price list, only the default pricing that you add?

You need to create the item first. It won’t have a price unless you create a price list for this item (you need to create the item first).
It won’t fetch from the quotation.

The flow is usually Item → Quotation → SO …

Yes we are adding item first but directly from the quotation. We fill up the valuation rate and standard selling rate but didnt fetch in the quotation.