These are all the location-specific transactions of an item. I am wondering why we had a COGS Adjustment in the first positive transaction (inventory adjustment) although the total quantity on hand never got negative.

We find that anything with the memo "Cost of sales adjustments" comes from a system change. If you look at the system information of the transaction itself, you should see a -system- change, likely with an old and new value. I would expect the value, in this case, to be adjusted by $2. These sorts of adjustments happen when something in the system changes (a value or date) that causes NetSuite to revalue a component/item (usually on the hour). It can't be deleted/changed (or at least in my experience). The best you could do is find the transaction that caused the revaluation. But sometimes, this can be due to a transaction being added that will come first in the Hierarchy of transactions for valuation https://suiteanswers.custhelp.com/app/answers/detail/a_id/85953/loc/en_US "The Cost of Sales Adjustment is to ensure that cost valuation is correct. For transactions on the same date, the system will use this hierarchy: 1. Inventory increasing transactions (Purchase transactions such as Purchase Receipts, Vendor Bills, Adjustments) 2. Inventory reducing transactions (Sale transactions such as sales order Fulfillments, Invoices, Cash Sales, and Inventory Adjustments)"

Yeah, that is correct but I don't see any reason why the IA would have COGS adjustment. We understand that it happens everytime there's a negative inventory that went positive later on. Or if there are differences between current average cost and old one for returned items. But none of that exists here.

Fair enough, we've had a couple of odd ones this month. We occasionally get it if there has been adjustment on the PO rate for the item.