Both answers are correct, DonnaSanchez. I'm here to share some insights about updating the cost of the item.
When you create an expense transaction for your inventory items, the details depend on the details you've entered on the Products and Service page. Any changes made in the said entry will not reflect on the page. Therefore, we'll have to manually edit the cost of the items.
Aside from manually editing the prices, you can also follow the workaround shared by my colleague, JessT. For more details, please see this article: What is FIFO and How is it Used for Inventory Cost Accounting?.
Additionally, I've included these articles that'll help you manage and track your terms in QuickBooks Online:
In case you'll need assistance in dealing with your items in QuickBooks, don't hesitate to get back on this thread. We're always here to help you.
