Should base molding go BELOW carcase of cabinet?


I'm building a printer stand with drawers. I want to spruce up the design with beveled edges and base molding so it doesn't look too plain. Judging from a night stand that I turned over to inspect from underneath, the mfgr. essentially built the night stand and then placed it over an 1-1/2 thick (at the floor) molding. It's glued to the underside of the night stand with a few short glue blocks and is screwed at 2 of them.
My molding will be between 3/4 and 7/8 thick. Should I also build the stand first and then elevate it with the baseboard, or take the baseboard's height into account and raise all the other elements so that I'll just be attaching the baseboard to the face of the lower rail and end panels? Seems like that's just wasting wood.
Is this a six to one; half a dozen to the other sort of choice? Or is there a "right way" and a wrong way to deal with base molding. The end panels will be oak ply, so I guess I'll be ok glueing/nailing the baseboard on the ends.
Dave
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Either way works fine but as you have noticed one way may be more wasteful of wood.

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