diff --git a/erpnext/manufacturing/doctype/bom/bom.py b/erpnext/manufacturing/doctype/bom/bom.py
index d4e0d4b..1fb00ef 100644
--- a/erpnext/manufacturing/doctype/bom/bom.py
+++ b/erpnext/manufacturing/doctype/bom/bom.py
@@ -714,8 +714,11 @@
 		for item in self.get("items"):
 			if item.bom_no:
 				# Get Item-Rate from Subassembly BOM
-				explosion_items = frappe.db.get_all(
-					"BOM Explosion Item", filters={"parent": item.bom_no}, fields=["item_code", "rate"]
+				explosion_items = frappe.get_all(
+					"BOM Explosion Item",
+					filters={"parent": item.bom_no},
+					fields=["item_code", "rate"],
+					order_by=None,  # to avoid sort index creation at db level (granular change)
 				)
 				explosion_item_rate = {item.item_code: flt(item.rate) for item in explosion_items}
 				rm_rate_map.update(explosion_item_rate)
@@ -935,13 +938,17 @@
 
 
 def get_valuation_rate(args):
-	"""Get weighted average of valuation rate from all warehouses"""
+	"""
+	1) Get average valuation rate from all warehouses
+	2) If no value, get last valuation rate from SLE
+	3) If no value, get valuation rate from Item
+	"""
 
-	total_qty, total_value, valuation_rate = 0.0, 0.0, 0.0
-	item_bins = frappe.db.sql(
+	valuation_rate = 0.0
+	item_valuation = frappe.db.sql(
 		"""
 		select
-			bin.actual_qty, bin.stock_value
+			(sum(bin.stock_value) / sum(bin.actual_qty)) as valuation_rate
 		from
 			`tabBin` bin, `tabWarehouse` warehouse
 		where
@@ -950,14 +957,13 @@
 			and warehouse.company=%(company)s""",
 		{"item": args["item_code"], "company": args["company"]},
 		as_dict=1,
-	)
+	)[0]
 
-	for d in item_bins:
-		total_qty += flt(d.actual_qty)
-		total_value += flt(d.stock_value)
+	valuation_rate = item_valuation.get("valuation_rate")
 
-	if total_qty:
-		valuation_rate = total_value / total_qty
+	if valuation_rate is None:
+		# Explicit null value check. If null, Bins don't exist, neither does SLE
+		return valuation_rate
 
 	if valuation_rate <= 0:
 		last_valuation_rate = frappe.db.sql(
diff --git a/erpnext/manufacturing/doctype/bom_update_batch/bom_update_batch.json b/erpnext/manufacturing/doctype/bom_update_batch/bom_update_batch.json
index 9938454..83b54d3 100644
--- a/erpnext/manufacturing/doctype/bom_update_batch/bom_update_batch.json
+++ b/erpnext/manufacturing/doctype/bom_update_batch/bom_update_batch.json
@@ -7,7 +7,8 @@
  "field_order": [
   "level",
   "batch_no",
-  "boms_updated"
+  "boms_updated",
+  "status"
  ],
  "fields": [
   {
@@ -25,14 +26,23 @@
   {
    "fieldname": "boms_updated",
    "fieldtype": "Long Text",
+   "hidden": 1,
    "in_list_view": 1,
    "label": "BOMs Updated"
+  },
+  {
+   "fieldname": "status",
+   "fieldtype": "Select",
+   "in_list_view": 1,
+   "label": "Status",
+   "options": "Pending\nCompleted",
+   "read_only": 1
   }
  ],
  "index_web_pages_for_search": 1,
  "istable": 1,
  "links": [],
- "modified": "2022-05-31 23:36:13.628391",
+ "modified": "2022-06-06 14:50:35.161062",
  "modified_by": "Administrator",
  "module": "Manufacturing",
  "name": "BOM Update Batch",
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json
index b1c24ab..c32e383 100644
--- a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json
@@ -15,7 +15,6 @@
   "error_log",
   "progress_section",
   "current_level",
-  "parent_boms",
   "processed_boms",
   "bom_batches",
   "amended_from"
@@ -52,7 +51,7 @@
    "fieldname": "status",
    "fieldtype": "Select",
    "label": "Status",
-   "options": "Queued\nIn Progress\nPaused\nCompleted\nFailed"
+   "options": "Queued\nIn Progress\nCompleted\nFailed"
   },
   {
    "fieldname": "amended_from",
@@ -77,14 +76,9 @@
    "label": "Progress"
   },
   {
-   "description": "Immediate parent BOMs",
-   "fieldname": "parent_boms",
-   "fieldtype": "Long Text",
-   "label": "Parent BOMs"
-  },
-  {
    "fieldname": "processed_boms",
    "fieldtype": "Long Text",
+   "hidden": 1,
    "label": "Processed BOMs"
   },
   {
@@ -102,7 +96,7 @@
  "index_web_pages_for_search": 1,
  "is_submittable": 1,
  "links": [],
- "modified": "2022-05-31 20:20:06.370786",
+ "modified": "2022-06-06 15:15:23.883251",
  "modified_by": "Administrator",
  "module": "Manufacturing",
  "name": "BOM Update Log",
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py
index bfae76c..d714b9d 100644
--- a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py
@@ -56,7 +56,7 @@
 
 		wip_log = frappe.get_all(
 			"BOM Update Log",
-			{"update_type": "Update Cost", "status": ["in", ["Queued", "In Progress", "Paused"]]},
+			{"update_type": "Update Cost", "status": ["in", ["Queued", "In Progress"]]},
 			limit_page_length=1,
 		)
 		if wip_log:
@@ -104,10 +104,12 @@
 		frappe.db.commit()  # nosemgrep
 
 
-def process_boms_cost_level_wise(update_doc: "BOMUpdateLog") -> None:
+def process_boms_cost_level_wise(
+	update_doc: "BOMUpdateLog", parent_boms: List[str] = None
+) -> None:
 	"Queue jobs at the start of new BOM Level in 'Update Cost' Jobs."
 
-	current_boms, parent_boms = {}, []
+	current_boms = {}
 	values = {}
 
 	if update_doc.status == "Queued":
@@ -115,26 +117,27 @@
 		current_level = 0
 		current_boms = get_leaf_boms()
 		values = {
-			"parent_boms": "[]",
 			"processed_boms": json.dumps({}),
 			"status": "In Progress",
 			"current_level": current_level,
 		}
 	else:
 		# Resume next level. via Cron Job.
+		if not parent_boms:
+			return
+
 		current_level = cint(update_doc.current_level) + 1
-		parent_boms = json.loads(update_doc.parent_boms)
 
 		# Process the next level BOMs. Stage parents as current BOMs.
 		current_boms = parent_boms.copy()
-		values = {"parent_boms": "[]", "current_level": current_level}
+		values = {"current_level": current_level}
 
 	set_values_in_log(update_doc.name, values, commit=True)
 	queue_bom_cost_jobs(current_boms, update_doc, current_level)
 
 
 def queue_bom_cost_jobs(
-	current_boms_list: List, update_doc: "BOMUpdateLog", current_level: int
+	current_boms_list: List[str], update_doc: "BOMUpdateLog", current_level: int
 ) -> None:
 	"Queue batches of 20k BOMs of the same level to process parallelly"
 	batch_no = 0
@@ -147,7 +150,9 @@
 		# update list to exclude 20K (queued) BOMs
 		current_boms_list = current_boms_list[batch_size:] if len(current_boms_list) > batch_size else []
 
-		batch_row = update_doc.append("bom_batches", {"level": current_level, "batch_no": batch_no})
+		batch_row = update_doc.append(
+			"bom_batches", {"level": current_level, "batch_no": batch_no, "status": "Pending"}
+		)
 		batch_row.db_insert()
 
 		frappe.enqueue(
@@ -155,7 +160,7 @@
 			doc=update_doc,
 			bom_list=boms_to_process,
 			batch_name=batch_row.name,
-			timeout=40000,
+			queue="long",
 		)
 
 
@@ -181,9 +186,11 @@
 	for log in in_progress_logs:
 		# check if all log batches of current level are processed
 		bom_batches = frappe.db.get_all(
-			"BOM Update Batch", {"parent": log.name, "level": log.current_level}, ["name", "boms_updated"]
+			"BOM Update Batch",
+			{"parent": log.name, "level": log.current_level},
+			["name", "boms_updated", "status"],
 		)
-		incomplete_level = any(not row.get("boms_updated") for row in bom_batches)
+		incomplete_level = any(row.get("status") == "Pending" for row in bom_batches)
 		if not bom_batches or incomplete_level:
 			continue
 
@@ -195,14 +202,15 @@
 			log.name,
 			values={
 				"processed_boms": json.dumps(processed_boms),
-				"parent_boms": json.dumps(parent_boms),
 				"status": "Completed" if not parent_boms else "In Progress",
 			},
 			commit=True,
 		)
 
 		if parent_boms:  # there is a next level to process
-			process_boms_cost_level_wise(update_doc=frappe.get_doc("BOM Update Log", log.name))
+			process_boms_cost_level_wise(
+				update_doc=frappe.get_doc("BOM Update Log", log.name), parent_boms=parent_boms
+			)
 
 
 def get_processed_current_boms(
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_updation_utils.py b/erpnext/manufacturing/doctype/bom_update_log/bom_updation_utils.py
index 2d6429b..49e747c 100644
--- a/erpnext/manufacturing/doctype/bom_update_log/bom_updation_utils.py
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_updation_utils.py
@@ -3,7 +3,7 @@
 
 import json
 from collections import defaultdict
-from typing import TYPE_CHECKING, Any, Dict, List, Optional
+from typing import TYPE_CHECKING, Any, Dict, List, Optional, Union
 
 if TYPE_CHECKING:
 	from erpnext.manufacturing.doctype.bom_update_log.bom_update_log import BOMUpdateLog
@@ -38,7 +38,9 @@
 			bom_obj.save_version()
 
 
-def update_cost_in_level(doc: "BOMUpdateLog", bom_list: List[str], batch_name: int) -> None:
+def update_cost_in_level(
+	doc: "BOMUpdateLog", bom_list: List[str], batch_name: Union[int, str]
+) -> None:
 	"Updates Cost for BOMs within a given level. Runs via background jobs."
 
 	try:
@@ -49,7 +51,14 @@
 		frappe.db.auto_commit_on_many_writes = 1
 
 		update_cost_in_boms(bom_list=bom_list)  # main updation logic
-		frappe.db.set_value("BOM Update Batch", batch_name, "boms_updated", json.dumps(bom_list))
+
+		bom_batch = frappe.qb.DocType("BOM Update Batch")
+		(
+			frappe.qb.update(bom_batch)
+			.set(bom_batch.boms_updated, json.dumps(bom_list))
+			.set(bom_batch.status, "Completed")
+			.where(bom_batch.name == batch_name)
+		).run()
 	except Exception:
 		handle_exception(doc)
 	finally:
@@ -105,14 +114,17 @@
 def update_cost_in_boms(bom_list: List[str]) -> None:
 	"Updates cost in given BOMs. Returns current and total updated BOMs."
 
-	for bom in bom_list:
-		bom_doc = frappe.get_cached_doc("BOM", bom)
+	for index, bom in enumerate(bom_list):
+		bom_doc = frappe.get_doc("BOM", bom, for_update=True)
 		bom_doc.calculate_cost(save_updates=True, update_hour_rate=True)
 		bom_doc.db_update()
 
+		if index % 100 == 0:
+			frappe.db.commit()
+
 
 def get_next_higher_level_boms(
-	child_boms: Dict[str, bool], processed_boms: Dict[str, bool]
+	child_boms: List[str], processed_boms: Dict[str, bool]
 ) -> List[str]:
 	"Generate immediate higher level dependants with no unresolved dependencies (children)."
 
diff --git a/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py b/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
index 758d8ed..d16fcd0 100644
--- a/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
+++ b/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
@@ -40,7 +40,7 @@
 	if frappe.db.get_single_value("Manufacturing Settings", "update_bom_costs_automatically"):
 		wip_log = frappe.get_all(
 			"BOM Update Log",
-			{"update_type": "Update Cost", "status": ["in", ["Queued", "In Progress", "Paused"]]},
+			{"update_type": "Update Cost", "status": ["in", ["Queued", "In Progress"]]},
 			limit_page_length=1,
 		)
 		if not wip_log: