You can edit last cost through IN-K.  Change the cost to what you need.  Then, if necessary, run UT-K-G to update the book value.  A journal entry will be needed to post to General Ledger.

I've used IN-K some to correct the following problem - please advise a better solution.
 
The Problem:  A purchase order is received into stock and immediately issued to sometimes two to three different jobs.  Our jobs are usually open for four to six weeks.
 
A week or more after the receipt of material, the invoice comes.  The accounts payable clerk edits a wrong cost on the purchase order, creating a $change.  The purchase order is fixed and the average cost is adjusted, but the jobs are showing incorrect costing - sometimes by quite a lot and because the qty on hand is less because some have been issued, the average cost is still incorrect.
 
What I've done in the past - preferably when no one else is in the system.
 
1. In IN-K change avg cost back to the cost at which it was received in.
 
2. Unissue from any jobs that it had been issued to at that cost.
 
3. Change average cost to what it should have been.
 
4.  Then reissue to the work orders.
 
 
 
Darla Long
 

Thanks Lynn,
 
But if it's not zero, should I adjust to zero quantities - then go through the same steps I went through to correct job costing, then adjust quantities back  with correct average cost?
 
Darla Long