Hello, @VKniss - RDM.

Let me share some information on how QuickBooks handles your inventory item's average costing.

Using the Average Costing method, the system takes the last purchase of on-hand stock, and any prior purchases, in order until all quantities are accounted for. The price will not be changed until a new purchase, at a different cost, is made. 

Since you're using QuickBooks Enterprise, let's consider how you set your Automatic Cost Updates preferences. This plays a very important part in updating your item cost when creating a transaction. Here's how:

1. Go to the Edit menu.
2. Choose Preferences.
3. Select the Items & Inventory menu.
4. From the Company Preferences tab, click the Automatic Cost & Price Updates button.
5. To determine how QuickBooks will handle it if the item cost changes on a purchase:
   • Always update item cost
   • Never update item cost
   • Ask about updating the item costs. (Choosing Always or Ask, will cause QuickBooks to update the Cost filed in the item setup window.)
6. To determine how QuickBooks will handle it if the item cost changes on a purchase:
   • Always update sales price
   • Never update the sales price.
   • Ask about updating the sales price.
7. Click Ok.

Also, you may have set QuickBooks to automatically update the Cost amount of the item if it changes on a purchase.

However, if you're still seeing a high cost posted, then it means that the item doesn't have an established average cost. Established average cost comes from purchases of the item, qty, and total cost of that qty. As a workaround, you can create an adjustment to these items. If you have entered these items without using them in a transaction you can delete and recreate the item and enter the correct amounts. 

Here's how:

1. Go to the Lists menu.
2. Choose Item List.
3. Click Activities drop-down.
4. Select Adjust Quantity/Value on Hand. 
5. Input the correct details then check the Item Info After Adjustment at the bottom-left of the window.
6. Click Save & Close.

Lastly, I've added these articles as additional references about ways to understand inventory costs:

• Average Costing vs FIFO: What’s the best way to analyze inventory costs?
• Understand Inventory Assets and COGS tracking.

You can always get back to us whenever you have other concerns or questions. I'm always here to help you anytime.