How to correct cost of material when received at wrong cost

These are the most common ways to correct cost of material being received at an incorrect cost. 

Example 1: 

Material was received at incorrect cost. Material is still 100% in stock. Receive an AP Invoice for the correct cost (which shows a variance between received cost and invoiced cost). 

Solution:
Do a Receiving cost adjustment.  

Example 2: 

Material was received at incorrect cost. Part of the material has been sold.

Solution:
1. To correct, do a cost only Receiving adjustment to correct the cost. This posts the cost difference to the material remaining on hand. This on hand material will have the cost over/understated. 

2. For the material on hand, do an inventory adjustment and use a cost only adjustment Reason Code to change your cost to what the average cost should be. *If one does not exist, you will need to set up an Inventory Adjustment Reason Code for Cost Only Adjustment. 

3. Do cost only credit memos against whatever material has already been sold.  The cost difference on these credit memos should post to the same GL account as your cost only adjustment Reason Code in step 2. *If one does not exist, you will need to set up a Credit Memo Reason Code for Cost Only Adjustment.

Example 3:

Material was received at incorrect cost. All material has been sold.

Solution:

Do cost only credit memos against whatever material has already been sold.  

Example 4. 

Material was received at incorrect cost. All material has been sold. An AP Invoice was received for the correct cost and the user did a Receiving adjustment for cost only. Agility posted an additional CA item activity since no material remains on hand. 

Solution: 

When Agility posted the CA (cost adjustment) on the material the receiving adjustment was done against, it posted the dollar different to your default cost adjustment account. User will need to do cost only credit memos against whatever material has already been sold. Make sure the cost adjustment account matches the same GL account as the CA item activity.